CM Fact Book 2022 Sifma

Introduction
2022 Capital Markets Fact Book
July 2022
The SIFMA Research Capital Markets Fact Book provides a comprehensive look at U.S. capital markets, as well
as a look into global markets. Inside this report, we analyze:
• Global Capital Markets: Equity and fixed income markets (outstanding, issuance, volumes); investment
banking landscape; international securities transactions; etc.
• U.S. Capital Markets: Equity, fixed income, derivatives and private placement markets (outstanding,
issuance, volumes, index prices); investment banking landscape; mutual fund and ETF statistics; etc.
• U.S. Investor Participation: Household liquid financial asset breakout; household equity ownership; and
holders of equities
• U.S. Savings & Investment: Retirement asset breakout and mix across asset classes; savings rates and
other economic indicators; and federal balance sheet overview
• U.S. Securities Industry: Number of broker-dealers, registered representatives, registered investment
advisors, and branch offices; industry financial overview; and state maps showing number firms/reps
2022 Capital Markets Fact Book Page | 1

Introduction
Contents
Introduction................................................................................................................................................................................................. 6
Capital Markets Fuel Economies ................................................................................................................................................................ 6
US Capital Markets Are the Largest in the World ....................................................................................................................................... 7
Highlights.................................................................................................................................................................................................... 8
Global Capital Markets ............................................................................................................................................................................... 8
US Capital Markets .................................................................................................................................................................................... 8
US Investor Participation ............................................................................................................................................................................ 8
Savings & Investment ................................................................................................................................................................................. 9
US Securities Industry ................................................................................................................................................................................ 9
Section I: Global Capital Markets ............................................................................................................................................................. 10
Global Fixed Income Markets Outstanding and Global Equity Market Capitalization – Charts................................................................. 10
Global Fixed Income Markets Outstanding – Value ................................................................................................................................. 11
Global Fixed Income Markets Outstanding – Share of Total .................................................................................................................... 12
Global Equity Market Capitalization – Value............................................................................................................................................. 13
Global Equity Market Capitalization – Share of Total ............................................................................................................................... 14
Global Derivatives Market Outstanding – Notional Principal .................................................................................................................... 15
Global Fixed Income and Equity Issuance – Charts ................................................................................................................................. 16
Global Long-Term Fixed Income Issuance – Value .................................................................................................................................. 17
Global Equity Issuance – Value................................................................................................................................................................ 18
International Security Offerings by Non-US Issuers – Value .................................................................................................................... 19
International Security Offerings by Non-US Issuers – Number of Issues ................................................................................................. 20
International Security Offerings by US Issuers – Value ............................................................................................................................ 21
International Security Offerings by US Issuers – Number of Issues ......................................................................................................... 22
Major Global Stock Market Index Prices................................................................................................................................................... 23
Foreign Exchange Rates .......................................................................................................................................................................... 24
American Depositary Receipts (ADRs) .................................................................................................................................................... 25
US Holdings of Foreign Securities............................................................................................................................................................ 26
US Gross Activity in Foreign Securities .................................................................................................................................................... 27
US Net Purchases of Foreign Securities .................................................................................................................................................. 28
US Gross Activity in Foreign Equities by Region/Country ........................................................................................................................ 29
US Net Purchases of Foreign Equities by Region/Country....................................................................................................................... 30
Foreign Holdings of US Securities............................................................................................................................................................ 31
Foreign Gross Activity in US Securities .................................................................................................................................................... 32
Foreign Net Purchases of US Securities .................................................................................................................................................. 33
Foreign Gross Activity in US Equities by Region/Country ........................................................................................................................ 34
Foreign Net Purchases of US Equities by Region/Country....................................................................................................................... 35
Global Investment Banking Revenues by Product – Charts ..................................................................................................................... 36

Introduction
Global Investment Banking Revenues by Region .................................................................................................................................... 37

Global Mergers and Acquisitions – Announced and Completed............................................................................................................... 38
Section II: US Capital Markets.................................................................................................................................................................. 39
US Equity and Debt Outstanding.............................................................................................................................................................. 39
US Equity Market Capitalization ............................................................................................................................................................... 40
US Fixed Income Securities Issuance – Chart ......................................................................................................................................... 41
US Fixed Income Securities Issuance – Value ......................................................................................................................................... 42
US Fixed Income Securities Issuance – Number of Issues ...................................................................................................................... 43
US Long-Term Municipal Bond Issuance – Value .................................................................................................................................... 44
US Long-Term Municipal Bond Issuance – Number of Issues ................................................................................................................. 45
US Long-Term Municipal Bond Issuance – Number of Issuers ................................................................................................................ 46
US Municipal Bond Issuance – Bank Qualified ........................................................................................................................................ 47
US Corporate Bonds and Equity Issuance – Charts................................................................................................................................. 48
US Corporate Bonds and Equity Issuance – Value .................................................................................................................................. 49
US Equity Issuance – Chart ..................................................................................................................................................................... 50
US Equity Issuance – Value ..................................................................................................................................................................... 51
US Equity Issuance – Number of Issues: Chart ....................................................................................................................................... 52
US Equity Issuance – Number of Issues - Value ...................................................................................................................................... 53
US Private Placements – Value ............................................................................................................................................................... 54
US Private Placements – Number of Issues............................................................................................................................................. 55
US Fixed Income Securities Average Daily Trading Volume (ADV) ......................................................................................................... 56
US Municipal Bond Average Daily Trading – Dollar Volume .................................................................................................................... 57
US Municipal Bond Average Daily Trading – Number of Trades .............................................................................................................. 58
US Equity Markets Average Daily Trading Volume (ADV) – Charts ......................................................................................................... 59
US Equity Markets Average Daily Trading Volume (ADV) – Dollar Volume ............................................................................................. 60
US Equity Markets Average Daily Trading Volume (ADV) – Share Volume ............................................................................................. 61
US Equity Markets Average Daily Trading Volume (ADV) – NYSE Listed ............................................................................................... 62
US Equity Markets Average Daily Trading Volume (ADV) – Nasdaq Listed ............................................................................................. 63
Futures Contracts Traded on US Exchanges ........................................................................................................................................... 64
Options Contracts Traded on US Exchanges ........................................................................................................................................... 65
US Equity Market Index Prices ................................................................................................................................................................. 66
US Interest Rates and Bond Yields .......................................................................................................................................................... 67
US Mutual Funds: Total Net Assets – Chart ............................................................................................................................................. 68
US Mutual Funds: Total Net Assets – Value ............................................................................................................................................ 69
US Mutual Funds: Net New Cash Flows .................................................................................................................................................. 70
US Exchange-Traded Funds (ETFs): Net Assets and Number – Chart ................................................................................................... 71
Exchange-Traded Funds (ETFs): Net Assets and Number – Values ....................................................................................................... 72
US Investment Banking Revenues by Product – Charts .......................................................................................................................... 73
US Mergers and Acquisitions – Announced and Completed .................................................................................................................... 74
Section III: US Investor Participation ........................................................................................................................................................ 75
US Holdings of Equities – Value ............................................................................................................................................................... 75
Introduction
US Households Owning Stocks................................................................................................................................................................ 76

US Household Equity Ownership – Value ................................................................................................................................................ 77
US Household Liquid Financial Assets – Value........................................................................................................................................ 78
US Household Liquid Financial Assets – Share of Total .......................................................................................................................... 79
US Holdings of Equities by Type of Holder – Value ................................................................................................................................. 80
US Holdings of Equities by Type of Holder – Share of Total .................................................................................................................... 81
US Net Acquisitions of Corporate Equities by Type of Holder .................................................................................................................. 82
Section IV: US Savings & Investment ...................................................................................................................................................... 83
US Retirement Assets – Charts................................................................................................................................................................ 83
US Retirement Assets – Value ................................................................................................................................................................. 84
US Retirement Assets – Share of Total .................................................................................................................................................... 85
US Private Pension Funds: Total Assets .................................................................................................................................................. 86
US Private Pension Funds: Asset Mix ...................................................................................................................................................... 87
US Defined Benefit Plans: Asset Mix ....................................................................................................................................................... 88
US Defined Contribution Plans: Asset Mix ............................................................................................................................................... 89
US Individual Retirement Account (IRA) Assets ....................................................................................................................................... 90
US 401(K) Assets ..................................................................................................................................................................................... 91
US Household Saving Rates versus Other Major Nations........................................................................................................................ 92
US Economic Indicators ........................................................................................................................................................................... 93
US Federal Receipts, Outlays, Deficit, and Debt – Value ......................................................................................................................... 94
US Federal Receipts, Outlays, Deficit, and Debt – % of GDP .................................................................................................................. 95
Section V: US Securities Industry ............................................................................................................................................................. 96
FINRA Registered Firms and Representatives – Charts .......................................................................................................................... 96
FINRA Registered Firms and Registered Representatives – Values ....................................................................................................... 97
US Securities Industry Employment ......................................................................................................................................................... 98
FINRA Registered Broker-Dealers by State – Map .................................................................................................................................. 99
FINRA Registered Representatives by State – Map .............................................................................................................................. 100
SEC and State Registered Investment Advisors by State – Map ........................................................................................................... 101
FINRA Registered Broker-Dealer Financial Results – Chart .................................................................................................................. 102
FINRA Registered Broker-Dealer Financial Results – Value .................................................................................................................. 103
NYSE Member Firms Aggregate Financial Results ................................................................................................................................ 104
NYSE Member Firms Aggregate Total and Equity Capital – Charts....................................................................................................... 105
NYSE Member Firms Aggregate Total and Equity Capital – Value ........................................................................................................ 106
Authors ................................................................................................................................................................................................... 107

Introduction
Associated Reports
Please also see the SIFMA Research databases and other publications at: https://www.sifma.org/ research
SIFMA Insights Primers: The SIFMA Insights primer series is a reference tool that goes beyond a typical 101 series. By
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marketplace and set the scene to address complex issues arising in today’s markets. The SIFMA Insights market structure
primer series includes: global capital markets & financial institutions; primary, secondary, and post-trade markets; global equity
markets; U.S. capital formation and listings exchanges U.S. equity markets; U.S. multi-listed options markets; U.S. ETF
markets; U.S. fixed income markets; SOFR, The Transition from LIBOR; and The Evolution of the Fintech Narrative. The
primers and other Insights reports can be found at: https://www.sifma.org/primers
SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On
behalf of our industry's one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors,
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Introduction
Introduction
Capital markets recognize and drive funds to the best ideas and enterprises. Coupled with the free flow of capital,
innovation is an integral component of job creation, economic development, and prosperity. Markets facilitate the
transfer of funds from those who seek a return on their assets to those who need capital to expand.
Clients benefiting from healthy capital markets include not just individual investors but also institutional investors,
governments, and corporations. Capital, raised through equity and debt, can be used to grow businesses, finance
investments in new property, equipment, technology, and fund infrastructure projects. This funding creates jobs and
pours money into the economy. Additionally, individuals and businesses can invest in securities to generate wealth.
In short, U.S. capital markets are the bedrock of our nation’s economy.
Capital Markets Fuel Economies

In the U.S., capital markets fuel the economy, providing 75.4% of equity and debt financing for non-financial
corporations. Capital markets enable debt issuance, a more efficient, stable, and less restrictive form of lending for
corporations. Debt capital markets are more dominant in the U.S. at 77.5% of total financing, whereas bank lending
is more dominant in other regions, at 25.5% on average.
On the equities side, companies need capital for various business purposes – invest in growth, fund mergers and
acquisitions, etc. Firms have several ways to generate capital, including issuing IPOs. IPOs allow businesses to
grow, innovate and better serve their customers.
Financing of Non-Financial Corporations Debt Financing of Non-Financial Corporations

Equity Bonds Loans Other DCM Loans
100% 100%
14.5% 12.3% 9.4%
16.2%
90% 22.5%
80% 10.1% 20.0%
6.5% 26.0% 80%
25.8%
7.3%
60% 3.9% 71.8% 70%
4.9% 73.2% 70.4%
60% 76.3% 78.2%
40% 50%
68.9% 63.3%
57.8% 53.1% 40% 77.5%
20%
30.2% 30%
6.4% 20%
0%
-8.4% 23.7% 26.8% 21.8%
10%
29.6%
-20% 0%
US Euro Area UK Japan China US Euro Area UK Japan China
Source: OECD, Federal Reserve, ECB, Bank of Japan, National Bureau of Statistics of China
Note: As of 2021, China 2019; Economic activity defined as financing of non-financial corporations. Euro Area = 19 EU-member states using the Euro. Other
financing, ex-China = insurance reserves, trade credits and trade advances; other financing, China = bankers' acceptances, FDI, other foreign A/D, misc. and
errors; DCM = debt capital markets, corporate bonds only

Introduction
US Capital Markets Are the Largest in the World

The U.S. capital markets are the largest in the world and continue to be among the deepest, most liquid, and most
efficient.
Equities: U.S. equity markets represent 42.0% of the $124.4 trillion in global equity market cap, or $52.2 trillion; this
is 3.6x the next largest market, China.
Global Equity Market Cap

2021 - $124.4 Trillion
Canada Australia Singapore

UK 2.6% 1.5% 0.5%
3.1%
HK
4.4%
Japan
5.3% DM
US
8.8%
42.0%
EM
9.2%
EU
11.1% China
11.6%
Source: World Federation of Exchanges

Note: Market capitalization of listed domestic companies. DM = developed markets, EM = emerging markets, DM/EM exclude countries listed in the
chart. HK = Hong Kong
Fixed Income: U.S. fixed income markets comprise 38.7% of the $126.9 trillion securities outstanding across the
globe, or $49.1 trillion; this is 2.0x the next largest market, the EU.
Global Bond Market Outstanding

2021 - $126.9 Trillion
HK
Australia EM DM
1.4% 1.1% 0.5%
1.9% Singapore
Canada 0.5%
3.2%
UK
5.7%
Japan US
10.5% 38.7%
China
17.2%
EU
19.4%
Source: Bank of International Settlements (BIS)

Note: DM = developed markets, EM = emerging markets, DM/EM exclude countries listed in the chart. HK = Hong Kong

Highlights
Highlights
Global Capital Markets
Global fixed income markets outstanding increased 3.3% Y/Y to $126.9 trillion in 2021, while global long-term fixed
income issuance decreased 3.7% to $26.8 trillion.
Global equity market capitalization increased 16.6% Y/Y to $124.4 trillion in 2021, as global equity issuance rose to
$1.0 trillion, an increase of 25.6% Y/Y.
U.S. gross activity (purchases and sales) in foreign securities increased to $52.8 trillion in 2021, +14.6% Y/Y, while
foreign gross activity in U.S. securities grew to $126.7 trillion (+28.9% Y/Y) in 2021.
US Capital Markets
In 2021, U.S. Treasury securities issuance reached $5.1 trillion, a 31.9% increase from the prior year. Long-term
fixed income issuance rose 7.7% Y/Y to $13.4 trillion, while mortgage-backed securities (MBS) issuance increased
7.3% Y/Y to $4.6 trillion. However, corporate bonds fell 13.9% Y/Y to $2.0 trillion. U.S. long-term municipal bond
issuance decreased 0.9% Y/Y to $480.4 billion, while federal agency securities decreased 44.6% Y/Y to $692.9
billion. Meanwhile, asset-backed securities issuance volume rose 91.2% Y/Y to $581.9 billion.
Initial public offering (IPO) volume 1 was $153.5 billion, up 79.7% from the previous year. Follow-on, or secondary,
issuance totaled $224.7 billion, down 13.0% Y/Y. Altogether, equity issuance, including common and preferred
shares, totaled $436.2 billion in 2021, an 11.7% increase Y/Y. Announced U.S. merger and acquisition deals totaled
$2.6 trillion in 2021, a 76.2% Y/Y increase, while the value of completed M&A deals increased 17.8% Y/Y to $10.1
trillion.
U.S. stock markets set record highs in 2021: the Dow Jones Industrial Average (DJIA) rose 18.7% Y/Y, ending the
year at 36,338.30; the S&P 500 Index closed 2021 up 26.9% Y/Y at 4,766.81; the Nasdaq Composite Index
increased 26.6% Y/Y to close the year at 16,320.08; while the Russell 2000 Index gained 13.7% Y/Y to end the year
at 2,245.31. In 2021, the average daily trading volume for equities was 11.4 billion shares, +4.4% Y/Y.
US Investor Participation
Federal Reserve Board data showed the value of U.S households’ liquid assets increased 13.8% Y/Y to $65.7
trillion. Of the total liquid assets held by U.S. households, 48.7% were in equities, 23.5% in bank deposits and CDs,
and 19.4% in mutual funds, with the remaining 8.4% split between U.S. Treasury securities, agency & GSE
securities, municipal bonds, money market funds, and corporate bonds. Of note, 52.6% of households own
equities 2.
1
Excludes BDCs, SPACs, ETFs, CLEFs, and rights issues
2
Includes direct and indirect holdings; as of 2019, as this survey occurs every three years

Highlights
Savings & Investment

The total value of U.S. retirement assets increased 8.3% Y/Y to $45.8 trillion in 2021. Total pension assets rose
6.4% Y/Y to $31.9 trillion, while assets held in individual retirement accounts (IRAs) increased 12.8% Y/Y to $13.9
trillion. Of total U.S. retirement assets, 30.4% were in IRAs, followed by 28.8% in private pensions (defined benefit
and contribution plans).
US Securities Industry
The number of FINRA registered broker-dealers decreased 1.2% Y/Y to 3,394 in 2021.
Gross revenues for FINRA registered broker-dealers totaled $398.6 billion in 2021, +10.1% Y/Y, while total
expenses increased 7.8% Y/Y to $306.8 billion. As such, pre-tax net income rose to $91.8 billion in 2021, +18.8%
Y/Y.
National securities industry employment reached 1,016,900 jobs in 2021, an increase of 4.6% Y/Y.

Section I: Global Capital Markets

Global Fixed Income Markets Outstanding and Global Equity Market Capitalization – Charts
Global Fixed Income Outstanding Global Fixed Income Outstanding

2012 - $87.9 Trillion 2021 - $126.9 Trillion
EM HK HK
Australia DM Australia EM DM
1.3% 1.1% 0.3% 1.4% 1.1% 0.5%
2.3% Singapore 1.9% Singapore
Canada 0.3% Canada 0.5%
2.5% 3.2%
UK UK
6.8% 5.7%
US
36.3% Japan US
10.5% 38.7%
Japan
16.3%
China
17.2%
China
4.9% EU EU
27.8% 19.4%
Global Equity Market Cap Global Equity Market Cap

2012 - $56.7 Trillion 2021 - $124.4 Trillion
Australia
Australia Singapore Canada
Canada 1.5% Singapore
UK 2.4% 1.3% 2.6%
3.6% UK 0.5%
5.8%
HK 3.1%
HK 4.4%
5.0%
Japan
US 5.3%
Japan 32.9%
6.5% DM US
8.8% 42.0%
DM EM
7.9% 9.2%
EU
EM 11.1%
14.9% EU China
China
12.9% 11.6%
6.5%
Source: Bank of International Settlements (BIS), World Federation of Exchanges

Note: Market capitalization of listed domestic companies. DM = developed markets, EM = emerging markets, HK = Hong Kong. DM/EM exclude
countries listed in the chart

Se
Global Fixed Income Markets Outstanding – Value
$ Billions
Australia Canada China EU HK Japan Singapore UK US DM EM Total

2007 1,251.4 1,542.9 1,704.5 19,303.5 108.2 9,852.1 166.3 4,706.8 26,154.9 601.1 808.9 66,200.7
2008 1,145.3 1,369.7 2,228.0 20,246.4 105.6 12,329.9 167.6 4,098.4 28,038.7 602.5 749.0 71,081.1
2009 1,529.5 1,671.6 2,577.9 24,098.0 154.2 12,268.5 185.0 5,280.3 28,684.8 775.9 840.7 78,066.5
2010 1,749.0 1,866.6 3,065.3 23,312.7 186.7 14,604.1 219.0 5,209.8 29,765.3 833.3 991.9 81,803.7
2011 1,879.8 1,963.4 3,528.4 23,453.7 214.0 15,809.1 240.9 5,587.2 30,506.7 837.2 1,001.7 85,022.1
2012 2,045.6 2,173.5 4,294.1 24,301.4 253.4 14,253.3 294.8 5,928.8 31,695.6 951.2 1,140.0 87,331.7
2013 1,885.9 2,241.9 4,960.8 24,993.7 306.8 11,906.2 331.4 5,851.0 32,682.1 960.9 1,100.9 87,221.6
2014 1,923.8 2,206.1 5,835.4 22,097.1 345.2 10,551.7 349.3 6,169.5 33,705.6 890.5 1,150.4 85,224.5
2015 1,827.2 2,767.5 7,752.5 19,884.9 374.1 10,633.4 322.3 5,891.4 34,712.7 858.0 1,199.2 86,223.2
2016 1,825.7 2,943.5 9,408.8 19,381.9 405.8 11,239.5 326.4 5,439.2 36,061.9 936.0 1,272.1 89,240.6
2017 1,997.8 3,267.4 11,757.1 22,133.1 474.0 11,912.1 412.2 6,078.4 37,268.9 1,034.1 1,497.8 97,832.9
2018 1,892.9 3,151.0 12,906.9 21,440.5 513.5 12,461.7 441.1 5,787.1 38,816.6 1,002.3 1,501.9 99,915.5
2019 1,943.0 3,371.7 14,725.9 21,790.4 534.5 12,816.5 492.9 6,331.0 40,534.2 1,110.9 1,599.6 105,250.5
2020 2,490.5 3,913.5 18,555.6 25,286.2 559.1 14,669.9 542.8 7,252.8 46,444.2 1,323.9 1,758.9 122,797.3
2021 2,408.1 4,041.9 21,816.4 24,657.9 582.4 13,371.1 613.4 7,189.7 49,106.3 1,337.8 1,740.5 126,865.5
Average 1,853.0 2,566.1 8,341.2 22,425.4 341.2 12,578.6 340.4 5,786.8 34,945.2 937.0 1,223.6 91,338.5
Y/Y % Change -3.3% 3.3% 17.6% -2.5% 4.2% -8.9% 13.0% -0.9% 5.7% 1.0% -1.1% 3.3%
5-Year CAGR 3.8% 4.3% 13.2% 2.2% 4.2% 2.3% 8.3% 3.4% 5.7% 5.3% 3.0% 5.3%
10-Year CAGR 1.6% 6.4% 17.6% 0.1% 8.7% -0.6% 7.6% 1.9% 4.5% 3.5% 4.3% 3.8%
% Change Y/Y
2008 -8.5% -11.2% 30.7% 4.9% -2.5% 25.2% 0.8% -12.9% 7.2% 0.2% -7.4% 7.4%
2009 33.5% 22.0% 15.7% 19.0% 46.1% -0.5% 10.4% 28.8% 2.3% 28.8% 12.2% 9.8%
2010 14.4% 11.7% 18.9% -3.3% 21.1% 19.0% 18.4% -1.3% 3.8% 7.4% 18.0% 4.8%
2011 7.5% 5.2% 15.1% 0.6% 14.6% 8.3% 10.0% 7.2% 2.5% 0.5% 1.0% 3.9%
2012 8.8% 10.7% 21.7% 3.6% 18.4% -9.8% 22.4% 6.1% 3.9% 13.6% 13.8% 2.7%
2013 -7.8% 3.1% 15.5% 2.8% 21.1% -16.5% 12.4% -1.3% 3.1% 1.0% -3.4% -0.1%
2014 2.0% -1.6% 17.6% -11.6% 12.5% -11.4% 5.4% 5.4% 3.1% -7.3% 4.5% -2.3%
2015 -5.0% 25.4% 32.9% -10.0% 8.4% 0.8% -7.7% -4.5% 3.0% -3.6% 4.2% 1.2%
2016 -0.1% 6.4% 21.4% -2.5% 8.5% 5.7% 1.3% -7.7% 3.9% 9.1% 6.1% 3.5%
2017 9.4% 11.0% 25.0% 14.2% 16.8% 6.0% 26.3% 11.8% 3.3% 10.5% 17.7% 9.6%
2018 -5.3% -3.6% 9.8% -3.1% 8.3% 4.6% 7.0% -4.8% 4.2% -3.1% 0.3% 2.1%
2019 2.6% 7.0% 14.1% 1.6% 4.1% 2.8% 11.7% 9.4% 4.4% 10.8% 6.5% 5.3%
2020 28.2% 16.1% 26.0% 16.0% 4.6% 14.5% 10.1% 14.6% 14.6% 19.2% 10.0% 16.7%
2021 -3.3% 3.3% 17.6% -2.5% 4.2% -8.9% 13.0% -0.9% 5.7% 1.0% -1.1% 3.3%

Note: EU = European Union, HK = Hong Kong, DM = developed markets, EM = emerging markets. DM/EM exclude countries listed in the chart

Se
Global Fixed Income Markets Outstanding – Share of Total
% of Total
Australia Canada China EU HK Japan Singapore UK US DM EM
2007 1.9% 2.3% 2.6% 29.2% 0.2% 14.9% 0.3% 7.1% 39.5% 0.9% 1.2%
2008 1.6% 1.9% 3.1% 28.5% 0.1% 17.3% 0.2% 5.8% 39.4% 0.8% 1.1%
2009 2.0% 2.1% 3.3% 30.9% 0.2% 15.7% 0.2% 6.8% 36.7% 1.0% 1.1%
2010 2.1% 2.3% 3.7% 28.5% 0.2% 17.9% 0.3% 6.4% 36.4% 1.0% 1.2%
2011 2.2% 2.3% 4.2% 27.6% 0.3% 18.6% 0.3% 6.6% 35.9% 1.0% 1.2%
2012 2.3% 2.5% 4.9% 27.8% 0.3% 16.3% 0.3% 6.8% 36.3% 1.1% 1.3%
2013 2.2% 2.6% 5.7% 28.7% 0.4% 13.7% 0.4% 6.7% 37.5% 1.1% 1.3%
2014 2.3% 2.6% 6.8% 25.9% 0.4% 12.4% 0.4% 7.2% 39.5% 1.0% 1.3%
2015 2.1% 3.2% 9.0% 23.1% 0.4% 12.3% 0.4% 6.8% 40.3% 1.0% 1.4%
2016 2.0% 3.3% 10.5% 21.7% 0.5% 12.6% 0.4% 6.1% 40.4% 1.0% 1.4%
2017 2.0% 3.3% 12.0% 22.6% 0.5% 12.2% 0.4% 6.2% 38.1% 1.1% 1.5%
2018 1.9% 3.2% 12.9% 21.5% 0.5% 12.5% 0.4% 5.8% 38.8% 1.0% 1.5%
2019 1.8% 3.2% 14.0% 20.7% 0.5% 12.2% 0.5% 6.0% 38.5% 1.1% 1.5%
2020 2.0% 3.2% 15.1% 20.6% 0.5% 11.9% 0.4% 5.9% 37.8% 1.1% 1.4%
2021 1.9% 3.2% 17.2% 19.4% 0.5% 10.5% 0.5% 5.7% 38.7% 1.1% 1.4%
Average 2.0% 2.7% 8.3% 25.1% 0.4% 14.1% 0.4% 6.4% 38.3% 1.0% 1.3%
Y/Y Change -0.13% 0.00% 2.1% -1.2% 0.0% -1.4% 0.04% -0.2% 0.9% 0.0% -0.1%

Note: EU = European Union, HK = Hong Kong, DM = developed markets, EM = emerging markets. DM/EM exclude countries listed in the chart

Se
Global Equity Market Capitalization – Value
$ Billions
2007 1,298.3 2,186.6 4,478.9 11,755.1 2,654.4 4,543.1 539.2 3,846.5 19,922.3 4,167.0 8,173.2 63,564.4
2008 683.9 1,033.7 1,778.8 5,754.1 1,328.8 3,263.3 265.0 1,868.2 11,590.3 2,379.3 3,725.8 33,670.9
2009 1,261.9 1,677.4 3,573.2 7,717.4 2,305.1 3,444.4 481.2 2,796.4 15,077.3 3,811.9 8,251.2 50,397.5
2010 1,454.5 2,171.2 4,027.8 7,747.3 2,711.3 4,099.6 647.2 2,686.9 17,283.5 4,617.6 10,592.1 58,038.9
2011 1,198.2 1,912.9 3,412.1 6,443.8 2,258.0 3,540.8 598.3 2,932.2 15,640.7 3,908.2 8,970.4 50,815.6
2012 1,386.9 2,060.0 3,697.4 7,328.9 2,831.9 3,681.0 765.1 3,291.6 18,668.3 4,497.0 8,464.7 56,672.8
2013 1,366.0 2,113.8 3,949.1 9,248.5 3,100.8 4,781.5 744.4 3,946.9 24,034.9 5,346.2 8,286.4 66,918.4
2014 1,288.8 2,095.4 6,004.9 8,431.6 3,233.0 4,378.0 752.8 3,570.9 26,330.6 5,315.0 8,415.7 69,816.7
2015 1,187.2 1,593.5 8,188.0 7,580.0 3,184.9 9,716.8 640.0 3,878.8 25,067.5 5,203.7 7,253.0 73,493.3
2016 1,316.9 2,041.5 7,320.7 7,669.6 3,193.2 5,061.5 649.5 3,467.4 27,352.2 5,274.7 8,202.6 71,549.9
2017 1,508.6 2,367.1 8,711.3 9,787.6 4,350.5 6,222.8 787.3 4,455.4 32,120.7 6,436.3 10,926.7 87,674.2
2018 1,262.8 1,937.9 6,324.9 8,136.0 3,819.2 5,296.8 687.3 3,638.0 30,436.3 5,664.1 9,624.3 76,827.5
2019 1,487.6 2,409.1 8,569.5 9,733.6 4,899.2 6,191.1 697.3 4,182.9 34,085.7 8,709.3 8,827.6 89,793.0
2020 1,720.6 2,608.4 12,276.8 11,148.1 6,130.4 6,718.2 652.6 4,045.6 41,569.9 9,756.0 10,087.0 106,713.5
2021 1,887.4 3,264.1 14,437.4 13,811.0 5,434.2 6,544.3 663.4 3,799.5 52,244.0 10,965.0 11,399.2 124,449.5
Average 1,354.0 2,098.2 6,450.1 8,819.5 3,429.0 5,165.5 638.0 3,493.8 26,094.9 5,736.7 8,746.6 72,026.4
Y/Y % Change 9.7% 25.1% 17.6% 23.9% -11.4% -2.6% 1.7% -6.1% 25.7% 12.4% 13.0% 16.6%
5-Year CAGR 4.6% 6.6% 10.6% 7.1% 4.5% 1.0% -3.4% -3.1% 10.2% 11.2% 0.9% 7.3%
10-Year CAGR 3.1% 4.7% 14.6% 6.5% 6.7% 5.9% -1.4% 1.4% 10.8% 9.3% 3.0% 8.2%
% Change Y/Y
2008 -47.3% -52.7% -60.3% -51.0% -49.9% -28.2% -50.9% -51.4% -41.8% -42.9% -54.4% -47.0%
2009 84.5% 62.3% 100.9% 34.1% 73.5% 5.6% 81.6% 49.7% 30.1% 60.2% 121.5% 49.7%
2010 15.3% 29.4% 12.7% 0.4% 17.6% 19.0% 34.5% -3.9% 14.6% 21.1% 28.4% 15.2%
2011 -17.6% -11.9% -15.3% -16.8% -16.7% -13.6% -7.6% 9.1% -9.5% -15.4% -15.3% -12.4%
2012 15.7% 7.7% 8.4% 13.7% 25.4% 4.0% 27.9% 12.3% 19.4% 15.1% -5.6% 11.5%
2013 -1.5% 2.6% 6.8% 26.2% 9.5% 29.9% -2.7% 19.9% 28.7% 18.9% -2.1% 18.1%
2014 -5.7% -0.9% 52.1% -8.8% 4.3% -8.4% 1.1% -9.5% 9.6% -0.6% 1.6% 4.3%
2015 -7.9% -24.0% 36.4% -10.1% -1.5% 121.9% -15.0% 8.6% -4.8% -2.1% -13.8% 5.3%
2016 10.9% 28.1% -10.6% 1.2% 0.3% -47.9% 1.5% -10.6% 9.1% 1.4% 13.1% -2.6%
2017 14.6% 15.9% 19.0% 27.6% 36.2% 22.9% 21.2% 28.5% 17.4% 22.0% 33.2% 22.5%
2018 -16.3% -18.1% -27.4% -16.9% -12.2% -14.9% -12.7% -18.3% -5.2% -12.0% -11.9% -12.4%
2019 17.8% 24.3% 35.5% 19.6% 28.3% 16.9% 1.5% 15.0% 12.0% 53.8% -8.3% 16.9%
2020 15.7% 8.3% 43.3% 14.5% 25.1% 8.5% -6.4% -3.3% 22.0% 12.0% 14.3% 18.8%
2021 9.7% 25.1% 17.6% 23.9% -11.4% -2.6% 1.7% -6.1% 25.7% 12.4% 13.0% 16.6%

Note: Market capitalization of listed domestic companies. EU = European Union, HK = Hong Kong, DM = developed markets, EM = emerging markets,
DM/EM exclude countries listed in the table

Se
Global Equity Market Capitalization – Share of Total
% of Total
Australia Canada China EU HK Japan Singapore UK US DM EM
2007 2.0% 3.4% 7.0% 18.5% 4.2% 7.1% 0.8% 6.1% 31.3% 6.6% 12.9%
2008 2.0% 3.1% 5.3% 17.1% 3.9% 9.7% 0.8% 5.5% 34.4% 7.1% 11.1%
2009 2.5% 3.3% 7.1% 15.3% 4.6% 6.8% 1.0% 5.5% 29.9% 7.6% 16.4%
2010 2.5% 3.7% 6.9% 13.3% 4.7% 7.1% 1.1% 4.6% 29.8% 8.0% 18.2%
2011 2.4% 3.8% 6.7% 12.7% 4.4% 7.0% 1.2% 5.8% 30.8% 7.7% 17.7%
2012 2.4% 3.6% 6.5% 12.9% 5.0% 6.5% 1.3% 5.8% 32.9% 7.9% 14.9%
2013 2.0% 3.2% 5.9% 13.8% 4.6% 7.1% 1.1% 5.9% 35.9% 8.0% 12.4%
2014 1.8% 3.0% 8.6% 12.1% 4.6% 6.3% 1.1% 5.1% 37.7% 7.6% 12.1%
2015 1.6% 2.2% 11.1% 10.3% 4.3% 13.2% 0.9% 5.3% 34.1% 7.1% 9.9%
2016 1.8% 2.9% 10.2% 10.7% 4.5% 7.1% 0.9% 4.8% 38.2% 7.4% 11.5%
2017 1.7% 2.7% 9.9% 11.2% 5.0% 7.1% 0.9% 5.1% 36.6% 7.3% 12.5%
2018 1.6% 2.5% 8.2% 10.6% 5.0% 6.9% 0.9% 4.7% 39.6% 7.4% 12.5%
2019 1.7% 2.7% 9.5% 10.8% 5.5% 6.9% 0.8% 4.7% 38.0% 9.7% 9.8%
2020 1.6% 2.4% 11.5% 10.4% 5.7% 6.3% 0.6% 3.8% 39.0% 9.1% 9.5%
2021 1.5% 2.6% 11.6% 11.1% 4.4% 5.3% 0.5% 3.1% 42.0% 8.8% 9.2%
Average 2.0% 3.0% 8.4% 12.7% 4.7% 7.4% 0.9% 5.1% 35.4% 7.8% 12.7%
Y/Y Change -0.1% 0.2% 0.1% 0.7% -1.4% -1.0% -0.1% -0.7% 3.0% -0.3% -0.3%

Note: Market capitalization of listed domestic companies. EU = European Union, HK = Hong Kong, DM = developed markets, EM = emerging markets,
DM/EM exclude countries listed in the table

Global Derivatives Market Outstanding – Notional Principal
$ Billions % Change Y/Y

Exchange Over-the- Exchange Over-the-
Traded Counter Total Traded Counter Total
2007 71,532.0 585,925.9 657,458.0
2008 52,963.0 598,141.0 651,103.9 2008 -26.0% 2.1% -1.0%
2009 67,416.4 603,893.3 671,309.7 2009 27.3% 1.0% 3.1%
2010 62,309.9 601,042.8 663,352.7 2010 -7.6% -0.5% -1.2%
2011 53,692.9 647,807.0 701,499.9 2011 -13.8% 7.8% 5.8%
2012 49,033.2 635,681.0 684,714.1 2012 -8.7% -1.9% -2.4%
2013 57,459.4 710,092.3 767,551.7 2013 17.2% 11.7% 12.1%
2014 57,594.2 627,786.0 685,380.2 2014 0.2% -11.6% -10.7%
2015 63,485.8 492,536.2 556,022.0 2015 10.2% -21.5% -18.9%
2016 67,244.9 482,421.1 549,665.9 2016 5.9% -2.1% -1.1%
2017 80,984.1 531,911.1 612,895.1 2017 20.4% 10.3% 11.5%
2018 94,849.7 544,383.3 639,233.0 2018 17.1% 2.3% 4.3%
2019 95,812.8 558,512.7 654,323.9 2019 1.0% 2.6% 2.4%
2020 65,949.7 582,055.3 648,008.2 2020 -31.2% 4.2% -1.0%
2021 80,090.5 598,416.0 678,506.4 2021 21.4% 2.8% 4.7%
Average 68,027.9 586,707.0 654,735.0

Y/Y % Change 21.4% 2.8% 4.7%
5-Year CAGR -0.2% 2.4% 2.1%
10-Year CAGR 5.0% -0.6% -0.1%
Source: Bank for International Settlements (BIS)

Note: Includes interest rates, foreign exchange, equity linked, commodities, credit, and credit default swaps

Global Fixed Income and Equity Issuance – Charts
Global Long-Term Fixed Income Issuance ($T)

25
20.1 20.6
20 18.5 19.0
17.9 18.3 18.1
17.3
15.7
15 13.9
10
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Global Equity Issuance ($B)

1,100 1,042
1,000
900 830
800 719 731
649 671
700
587
600 531 545 541
500
400
300
200
100
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Bloomberg, Refinitiv, Dealogic

Note: Long-term includes securities with maturity >13 months; global equity issuance includes non-convertible IPOs and follow-on equity deals, excludes
preferred shares, rights issues, closed-end funds, business development companies, and special purpose acquisition companies

Global Long-Term Fixed Income Issuance – Value
$ Billions
2007 161.2 316.1 788.0 3,407.5 13.2 2,596.6 30.0 1,056.5 5,449.5 415.9 1,462.5 15,697.1
2008 175.7 382.0 524.7 3,429.7 10.5 2,433.8 21.1 1,122.1 4,500.8 384.0 867.8 13,852.3
2009 265.8 439.8 524.5 4,337.1 25.4 3,239.6 26.9 1,208.9 6,162.9 450.6 1,243.6 17,925.0
2010 321.0 472.9 704.5 3,664.3 30.2 3,596.5 37.6 685.2 6,726.0 470.1 1,759.3 18,467.7
2011 336.4 554.2 900.8 3,701.2 33.1 4,049.6 33.1 734.9 5,656.0 524.4 1,753.3 18,277.1
2012 345.0 516.9 791.8 3,735.5 46.9 4,291.0 42.2 743.6 6,067.3 540.6 1,894.9 19,015.9
2013 318.3 575.5 978.1 3,606.1 38.4 3,752.1 43.7 660.4 5,056.2 531.8 1,745.3 17,305.9
2014 317.2 550.0 1,607.8 3,691.5 53.2 3,474.3 39.6 651.6 5,277.1 563.2 1,867.6 18,093.1
2015 240.5 502.7 2,440.9 2,959.7 45.3 3,227.9 32.0 511.8 7,798.7 561.8 1,791.0 20,112.4
2016 299.7 500.4 3,670.6 2,922.8 63.8 3,441.7 52.9 507.2 6,328.9 547.0 2,220.2 20,555.2
2017 302.3 596.3 2,805.3 3,010.3 65.0 3,242.4 36.0 476.2 5,635.4 549.7 2,075.9 18,794.6
2018 261.7 524.8 2,928.5 2,848.5 46.5 3,032.9 52.6 560.7 5,492.2 550.2 1,896.3 18,194.9
2019 229.3 539.7 3,811.3 3,005.6 88.4 3,131.3 54.3 425.4 8,613.2 579.3 2,440.8 22,918.5
2020 464.3 748.0 5,154.1 3,873.7 82.2 3,374.5 37.9 788.5 9,486.5 716.7 3,069.7 27,796.0
2021 256.8 732.3 5,441.4 3,496.0 107.2 3,655.6 59.0 581.4 9,085.8 671.2 2,682.4 26,769.1
Average 286.3 530.1 2,204.8 3,446.0 50.0 3,369.3 39.9 714.3 6,489.1 537.1 1,918.0 19,585.0
Y/Y % Change -44.7% -2.1% 5.6% -9.8% 30.5% 8.3% 55.6% -26.3% -4.2% -6.3% -12.6% -3.7%
5-Year CAGR -3.2% 4.2% 14.2% 3.0% 10.5% 2.4% 10.4% 4.1% 10.0% 4.1% 5.3% 7.3%
10-Year CAGR -2.9% 3.5% 21.3% -0.7% 8.6% -1.6% 3.4% -2.4% 4.1% 2.2% 3.5% 3.5%
% Change Y/Y
2008 9.0% 20.8% -33.4% 0.7% -20.1% -6.3% -29.8% 6.2% -17.4% -7.7% -40.7% -11.8%
2009 51.3% 15.1% 0.0% 26.5% 141.0% 33.1% 27.7% 7.7% 36.9% 17.3% 43.3% 29.4%
2010 20.8% 7.5% 34.3% -15.5% 19.0% 11.0% 39.8% -43.3% 9.1% 4.3% 41.5% 3.0%
2011 4.8% 17.2% 27.9% 1.0% 9.6% 12.6% -12.1% 7.3% -15.9% 11.6% -0.3% -1.0%
2012 2.6% -6.7% -12.1% 0.9% 41.7% 6.0% 27.8% 1.2% 7.3% 3.1% 8.1% 4.0%
2013 -7.7% 11.3% 23.5% -3.5% -18.2% -12.6% 3.5% -11.2% -16.7% -1.6% -7.9% -9.0%
2014 -0.3% -4.4% 64.4% 2.4% 38.5% -7.4% -9.4% -1.3% 4.4% 5.9% 7.0% 4.5%
2015 -24.2% -8.6% 51.8% -19.8% -15.0% -7.1% -19.0% -21.5% 47.8% -0.2% -4.1% 11.2%
2016 24.6% -0.5% 50.4% -1.2% 41.0% 6.6% 65.2% -0.9% -18.8% -2.6% 24.0% 2.2%
2017 0.9% 19.2% -23.6% 3.0% 1.9% -5.8% -32.1% -6.1% -11.0% 0.5% -6.5% -8.6%
2018 -13.4% -12.0% 4.4% -5.4% -28.5% -6.5% 46.4% 17.7% -2.5% 0.1% -8.7% -3.2%
2019 -12.4% 2.8% 30.1% 5.5% 90.3% 3.2% 3.1% -24.1% 56.8% 5.3% 28.7% 26.0%
2020 102.5% 38.6% 35.2% 28.9% -7.1% 7.8% -30.2% 85.3% 10.1% 23.7% 25.8% 21.3%
2021 -44.7% -2.1% 5.6% -9.8% 30.5% 8.3% 55.6% -26.3% -4.2% -6.3% -12.6% -3.7%
Source: Bloomberg, Refinitiv

Note: Long-term includes securities with maturity >13 months; includes corporate, municipal and sovereign issuance. EU = European Union, HK = Hong
Kong, DM = developed markets, EM = emerging markets. DM/EM exclude countries listed in the table

Global Equity Issuance – Value
$ Billions
2007 20.9 28.4 3.9 109.8 46.7 19.4 10.2 81.0 153.1 19.3 119.3 611.9
2008 16.8 18.2 2.1 28.3 12.8 8.4 1.7 21.8 189.3 3.7 43.7 346.6
2009 22.3 32.0 30.2 34.0 50.4 58.7 4.2 28.8 241.4 16.2 56.8 575.0
2010 20.3 38.7 73.1 50.9 78.3 56.0 8.2 26.4 188.6 8.2 108.1 656.9
2011 10.9 28.6 42.1 56.1 44.7 17.9 10.2 25.9 174.1 4.6 59.2 474.3
2012 10.5 29.0 40.2 47.1 51.0 22.4 6.1 19.9 226.8 7.5 70.6 531.1
2013 21.3 25.7 29.7 95.2 41.2 42.8 9.2 41.8 251.2 15.7 74.9 648.7
2014 20.2 27.6 111.0 122.2 70.0 35.3 1.3 54.9 214.7 9.7 51.8 718.6
2015 27.5 33.2 66.1 114.6 56.8 31.0 4.5 56.1 261.8 10.3 68.7 730.7
2016 14.1 33.7 159.0 62.9 35.3 20.9 2.6 28.5 176.5 7.4 45.7 586.6
2017 13.1 26.8 114.7 95.6 31.5 44.9 4.4 38.0 191.5 16.5 93.9 670.9
2018 10.9 16.2 49.7 59.7 57.0 46.7 3.7 31.7 203.8 10.1 55.9 545.2
2019 17.8 13.2 48.0 49.8 51.5 20.0 5.3 31.9 191.7 12.0 99.3 540.7
2020 27.1 15.4 107.5 68.1 83.1 37.7 3.8 44.7 337.7 20.0 84.9 830.0
2021 28.6 20.4 171.0 114.7 95.3 36.2 3.9 51.1 373.4 20.1 127.8 1,042.2
Average 18.8 25.8 69.9 73.9 53.7 33.2 5.3 38.8 225.0 12.1 77.4 634.0
Y/Y % Change 5.7% 32.1% 59.0% 68.3% 14.7% -4.0% 1.1% 14.2% 10.5% 0.2% 50.6% 25.6%
5-Year CAGR 16.9% -5.3% 8.3% 3.7% 24.8% -4.2% -2.7% 6.1% 14.3% 4.0% 6.4% 9.2%
10-Year CAGR 10.5% -3.5% 15.6% 9.3% 6.4% 4.9% -4.5% 9.9% 5.1% 10.3% 6.1% 7.0%
% Change Y/Y
2008 -19.9% -36.0% -46.6% -74.3% -72.5% -56.7% -83.3% -73.1% 23.6% -80.9% -63.4% -43.4%
2009 33.3% 76.3% 1356.8% 20.3% 292.3% 598.4% 147.0% 32.3% 27.5% 342.3% 29.9% 65.9%
2010 -9.3% 20.7% 142.4% 49.8% 55.5% -4.7% 94.7% -8.1% -21.8% -49.2% 90.5% 14.2%
2011 -46.2% -26.1% -42.4% 10.1% -42.9% -68.1% 24.8% -2.2% -7.7% -43.7% -45.2% -27.8%
2012 -3.4% 1.5% -4.7% -16.0% 14.1% 25.3% -40.3% -22.9% 30.3% 62.0% 19.2% 12.0%
2013 102.7% -11.6% -25.9% 102.2% -19.2% 91.2% 50.4% 109.9% 10.8% 109.0% 6.2% 22.2%
2014 -5.4% 7.5% 273.2% 28.3% 69.9% -17.4% -85.4% 31.4% -14.5% -38.3% -30.9% 10.8%
2015 36.6% 20.2% -40.5% -6.2% -18.9% -12.2% 238.7% 2.1% 22.0% 6.8% 32.7% 1.7%
2016 -48.7% 1.5% 140.7% -45.1% -37.9% -32.6% -43.4% -49.3% -32.6% -28.4% -33.5% -19.7%
2017 -7.4% -20.3% -27.9% 51.9% -10.7% 114.6% 72.6% 33.4% 8.5% 122.6% 105.3% 14.4%
2018 -16.6% -39.8% -56.7% -37.6% 81.1% 4.0% -16.1% -16.5% 6.4% -38.6% -40.5% -18.7%
2019 63.4% -18.0% -3.5% -16.6% -9.6% -57.1% 43.4% 0.8% -5.9% 18.9% 77.7% -0.8%
2020 51.7% 16.4% 124.1% 36.9% 61.2% 88.2% -28.4% 39.9% 76.1% 66.6% -14.5% 53.5%
2021 5.7% 32.1% 59.0% 68.3% 14.7% -4.0% 1.1% 14.2% 10.5% 0.2% 50.6% 25.6%
Source: Dealogic
Note: By exchange nationality. Includes rank eligible, non-convertible IPOs and follow-on equity deals; excludes preferred shares, rights issued, closed-
end funds, business development companies, and special purpose acquisition companies. Developed/Emerging Markets excludes countries listed in the
table. EU = European Union, HK = Hong Kong, DM = developed markets, EM = emerging markets. DM/EM exclude countries listed in the table

International Security Offerings by Non-US Issuers – Value
$ Billions
Straight Convertible Total Common Preferred Total

Debt Debt Debt Stock Stock Equity Total
2007 2,982.5 90.0 3,072.4 384.6 21.7 406.3 3,478.7
2008 1,804.3 53.6 1,858.0 272.3 10.7 283.0 2,140.9
2009 2,567.6 55.6 2,623.2 395.9 13.7 409.5 3,032.7
2010 2,335.1 51.9 2,387.0 365.6 6.6 372.2 2,759.3
2011 2,263.4 36.4 2,299.8 235.1 10.5 245.7 2,545.5
2012 2,671.4 44.0 2,715.4 236.2 15.6 251.8 2,967.2
2013 2,707.5 54.8 2,762.3 307.2 8.3 315.4 3,077.7
2014 3,067.9 55.6 3,123.4 351.0 15.6 366.6 3,490.0
2015 2,537.1 38.4 2,575.5 393.9 14.3 408.3 2,983.7
2016 2,634.6 42.3 2,676.9 225.1 7.3 232.4 2,909.3
2017 3,170.9 35.6 3,206.5 345.0 24.1 369.0 3,575.5
2018 2,733.6 31.8 2,765.4 292.6 8.2 300.8 3,066.3
2019 3,024.3 70.4 3,094.7 286.0 6.2 292.2 3,386.9
2020 3,564.0 131.7 3,695.7 390.1 6.3 396.4 4,092.1
2021 3,728.2 136.3 3,864.5 524.7 10.5 535.2 4,399.7
Average 2,786.2 61.9 2,848.0 333.7 12.0 345.7 3,193.7

Y/Y % Change 4.6% 3.5% 4.6% 34.5% 65.7% 35.0% 7.5%
5-Year CAGR 3.3% 30.8% 3.8% 8.8% -15.3% 7.7% 4.2%
10-Year CAGR 3.4% 12.0% 3.6% 8.3% -3.9% 7.8% 4.0%
% Change Y/Y

2008 -39.5% -40.4% -39.5% -29.2% -50.6% -30.3% -38.5%

2009 42.3% 3.6% 41.2% 45.4% 27.7% 44.7% 41.7%
2010 -9.1% -6.6% -9.0% -7.7% -51.4% -9.1% -9.0%
2011 -3.1% -29.8% -3.7% -35.7% 58.5% -34.0% -7.7%
2012 18.0% 20.8% 18.1% 0.5% 47.7% 2.5% 16.6%
2013 1.3% 24.6% 1.7% 30.0% -46.7% 25.3% 3.7%
2014 13.3% 1.4% 13.1% 14.3% 88.1% 16.2% 13.4%
2015 -17.3% -30.8% -17.5% 12.2% -8.0% 11.4% -14.5%
2016 3.8% 10.1% 3.9% -42.8% -49.3% -43.1% -2.5%
2017 20.4% -16.0% 19.8% 53.2% 231.5% 58.8% 22.9%
2018 -13.8% -10.6% -13.8% -15.2% -65.9% -18.5% -14.2%
2019 10.6% 121.4% 11.9% -2.3% -24.5% -2.9% 10.5%
2020 17.8% 87.1% 19.4% 36.4% 2.3% 35.7% 20.8%
2021 4.6% 3.5% 4.6% 34.5% 65.7% 35.0% 7.5%
Source: Refinitiv
Note: Foreign entity issuing securities outside of its domestic market.

International Security Offerings by Non-US Issuers – Number of Issues
# Issues

2007 6,312 316 6,628 1,775 46 1,821 8,449
2008 3,518 130 3,648 857 47 904 4,552
2009 3,596 201 3,797 1,514 64 1,578 5,375
2010 4,613 444 5,057 1,820 44 1,864 6,921
2011 4,159 429 4,588 1,439 57 1,496 6,084
2012 5,142 273 5,415 1,584 99 1,683 7,098
2013 5,132 316 5,448 1,908 91 1,999 7,447
2014 5,694 257 5,951 2,052 95 2,147 8,098
2015 4,695 127 4,822 2,192 60 2,252 7,074
2016 4,916 112 5,028 2,053 37 2,090 7,118
2017 5,723 102 5,825 2,583 56 2,639 8,464
2018 5,003 155 5,158 2,301 42 2,343 7,501
2019 5,321 245 5,566 2,395 25 2,420 7,986
2020 5,505 310 5,815 3,022 18 3,040 8,855
2021 6,068 307 6,375 3,682 37 3,719 10,094
Average 5,026 248 5,275 2,078 55 2,133 7,408

Y/Y % Change 10.2% -1.0% 9.6% 21.8% 105.6% 22.3% 14.0%
5-Year CAGR 1.2% 24.7% 1.8% 7.3% -8.0% 7.1% 3.6%
10-Year CAGR 1.7% 1.2% 1.6% 8.8% -9.4% 8.3% 3.6%
% Change Y/Y

2008 -44.3% -58.9% -45.0% -51.7% 2.2% -50.4% -46.1%

2009 2.2% 54.6% 4.1% 76.7% 36.2% 74.6% 18.1%
2010 28.3% 120.9% 33.2% 20.2% -31.3% 18.1% 28.8%
2011 -9.8% -3.4% -9.3% -20.9% 29.5% -19.7% -12.1%
2012 23.6% -36.4% 18.0% 10.1% 73.7% 12.5% 16.7%
2013 -0.2% 15.8% 0.6% 20.5% -8.1% 18.8% 4.9%
2014 11.0% -18.7% 9.2% 7.5% 4.4% 7.4% 8.7%
2015 -17.5% -50.6% -19.0% 6.8% -36.8% 4.9% -12.6%
2016 4.7% -11.8% 4.3% -6.3% -38.3% -7.2% 0.6%
2017 16.4% -8.9% 15.9% 25.8% 51.4% 26.3% 18.9%
2018 -12.6% 52.0% -11.5% -10.9% -25.0% -11.2% -11.4%
2019 6.4% 58.1% 7.9% 4.1% -40.5% 3.3% 6.5%
2020 3.5% 26.5% 4.5% 26.2% -28.0% 25.6% 10.9%
2021 10.2% -1.0% 9.6% 21.8% 105.6% 22.3% 14.0%
Source: Refinitiv
Note: Foreign entity issuing securities outside of its domestic market.

International Security Offerings by US Issuers – Value
$ Billions

2007 335.7 1.3 337.0 4.3 2.4 6.7 343.6
2008 190.1 0.0 190.2 20.0 2.1 22.2 212.3
2009 235.9 0.2 236.1 1.8 1.1 2.9 239.0
2010 316.2 0.0 316.2 1.9 0.0 1.9 318.1
2011 250.4 1.1 251.5 0.9 1.8 2.7 254.2
2012 421.5 4.0 425.4 2.2 1.8 4.0 429.5
2013 450.3 4.8 455.1 1.6 1.7 3.4 458.4
2014 586.0 4.1 590.1 1.7 0.1 1.9 591.9
2015 621.1 1.9 623.0 1.3 3.4 4.7 627.7
2016 604.3 0.4 604.7 1.2 0.1 1.3 606.0
2017 747.8 0.4 748.2 4.4 0.8 5.2 753.5
2018 559.0 1.8 560.8 1.8 3.4 5.3 566.1
2019 685.2 33.9 719.1 1.6 3.1 4.7 723.8
2020 833.9 74.7 908.6 2.0 2.7 4.6 913.3
2021 1,024.9 73.7 1,098.6 4.5 3.3 7.8 1,106.4
Average 524.2 13.5 537.6 3.4 1.9 5.3 542.9

Y/Y % Change 22.9% -1.3% 20.9% 128.0% 24.3% 68.3% 21.2%
5-Year CAGR 6.5% 186.6% 8.0% 0.3% 32.0% 8.3% 8.0%
10-Year CAGR 9.3% 34.0% 10.0% 7.5% 6.1% 6.9% 9.9%
% Change Y/Y

2008 -43.4% -97.0% -43.6% 367.9% -10.5% 232.2% -38.2%

2009 24.1% 536.1% 24.2% -90.9% -47.6% -86.7% 12.6%
2010 34.1% -91.5% 33.9% 4.4% -97.7% -34.4% 33.1%
2011 -20.8% 5202.9% -20.5% -51.7% 6636.6% 39.0% -20.1%
2012 68.3% 262.7% 69.2% 136.5% 4.5% 49.7% 69.0%
2013 6.8% 20.4% 7.0% -24.3% -6.7% -16.2% 6.7%
2014 30.1% -13.9% 29.7% 4.2% -91.8% -44.8% 29.1%
2015 6.0% -52.7% 5.6% -27.3% 2329.3% 151.4% 6.0%
2016 -2.7% -79.0% -2.9% -6.9% -96.7% -72.7% -3.5%
2017 23.8% -6.7% 23.7% 279.2% 637.8% 310.8% 24.3%
2018 -25.3% 384.9% -25.0% -58.5% 312.2% 0.2% -24.9%
2019 22.6% 1738.0% 28.2% -14.6% -8.2% -10.5% 27.9%
2020 21.7% 120.0% 26.4% 25.9% -14.8% -1.3% 26.2%
2021 22.9% -1.3% 20.9% 128.0% 24.3% 68.3% 21.2%
Source: Refinitiv
Note: U.S. entity issuing securities outside of U.S.

International Security Offerings by US Issuers – Number of Issues
Number of Issues

2007 699 10 709 38 7 45 754
2008 459 7 466 13 7 20 486
2009 399 5 404 34 8 42 446
2010 700 7 707 40 3 43 750
2011 570 40 610 31 17 48 658
2012 837 79 916 30 33 63 979
2013 873 70 943 34 41 75 1,018
2014 1,060 51 1,111 28 24 52 1,163
2015 1,003 8 1,011 24 14 38 1,049
2016 1,083 2 1,085 24 3 27 1,112
2017 1,278 3 1,281 37 6 43 1,324
2018 1,021 10 1,031 51 11 62 1,093
2019 1,064 99 1,163 50 6 56 1,219
2020 1,260 150 1,410 60 2 62 1,472
2021 1,651 136 1,787 67 5 72 1,859
Average 930 45 976 37 12 50 1,025

Y/Y % Change 31.0% -9.3% 26.7% 11.7% 150.0% 16.1% 26.3%
5-Year CAGR 5.3% 114.4% 6.9% 12.6% -3.6% 10.9% 7.0%
10-Year CAGR 7.0% 5.6% 6.9% 8.4% -17.2% 1.3% 6.6%
% Change Y/Y

2008 -34.3% -30.0% -34.3% -65.8% 0.0% -55.6% -35.5%

2009 -13.1% -28.6% -13.3% 161.5% 14.3% 110.0% -8.2%
2010 75.4% 40.0% 75.0% 17.6% -62.5% 2.4% 68.2%
2011 -18.6% 471.4% -13.7% -22.5% 466.7% 11.6% -12.3%
2012 46.8% 97.5% 50.2% -3.2% 94.1% 31.3% 48.8%
2013 4.3% -11.4% 2.9% 13.3% 24.2% 19.0% 4.0%
2014 21.4% -27.1% 17.8% -17.6% -41.5% -30.7% 14.2%
2015 -5.4% -84.3% -9.0% -14.3% -41.7% -26.9% -9.8%
2016 8.0% -75.0% 7.3% 0.0% -78.6% -28.9% 6.0%
2017 18.0% 50.0% 18.1% 54.2% 100.0% 59.3% 19.1%
2018 -20.1% 233.3% -19.5% 37.8% 83.3% 44.2% -17.4%
2019 4.2% 890.0% 12.8% -2.0% -45.5% -9.7% 11.5%
2020 18.4% 51.5% 21.2% 20.0% -66.7% 10.7% 20.8%
2021 31.0% -9.3% 26.7% 11.7% 150.0% 16.1% 26.3%
Source: Refinitiv
Note: U.S. entity issuing securities outside of U.S.

Major Global Stock Market Index Prices
Local Currency Price
US: Canada: France: Germany: Hong Kong: Japan: UK:

S&P 500 S&P/TSX CAC 40 DAX Hang Seng Nikkei 225 FTSE 100
2007 1,468.36 13,833.06 5,614.08 8,067.32 27,812.65 15,307.78 6,456.90
2008 903.25 8,987.70 3,217.97 4,810.20 14,387.48 8,859.56 4,434.17
2009 1,115.10 11,746.11 3,936.33 5,957.43 21,872.50 10,546.44 5,412.88
2010 1,257.64 13,443.22 3,804.78 6,914.19 23,035.45 10,228.92 5,899.94
2011 1,257.61 11,955.09 3,159.81 5,898.35 18,434.39 8,455.35 5,572.28
2012 1,426.19 12,433.53 3,641.07 7,612.39 22,656.92 10,395.18 5,897.81
2013 1,848.36 13,621.55 4,295.95 9,552.16 23,306.39 16,291.31 6,749.09
2014 2,058.90 14,632.44 4,272.75 9,805.55 23,605.04 17,450.77 6,566.09
2015 2,043.94 13,009.95 4,637.06 10,743.01 21,914.40 19,033.71 6,242.32
2016 2,238.83 15,287.59 4,862.31 11,481.06 22,000.56 19,114.37 7,142.83
2017 2,673.61 16,209.13 5,312.56 12,917.64 29,919.15 22,764.94 7,687.77
2018 2,506.85 14,322.86 4,730.69 10,558.96 25,845.70 20,014.77 6,728.13
2019 3,230.78 17,063.43 5,978.06 13,249.01 28,189.75 23,656.62 7,542.44
2020 3,756.07 17,433.36 5,551.41 13,718.78 27,231.13 27,444.17 6,460.52
2021 4,766.81 21,222.84 7,153.03 15,884.86 23,397.67 28,791.71 7,384.54
Average 2,170.15 14,346.79 4,677.86 9,811.39 23,573.95 17,223.71 6,411.85
Y/Y % Change 26.9% 21.7% 28.9% 15.8% -14.1% 4.9% 14.3%
5-Year CAGR 12.3% 5.5% 6.1% 4.2% -4.8% 4.8% -0.8%
10-Year CAGR 12.8% 5.5% 7.0% 7.6% 0.3% 10.7% 2.3%
% Change Y/Y
Hong
US: Canada: France: Germany: Kong: Japan: UK:
S&P 500 S&P/TSX CAC 40 DAX Hang Seng Nikkei 225 FTSE 100
2008 -38.5% -35.0% -42.7% -40.4% -48.3% -42.1% -31.3%

2009 23.5% 30.7% 22.3% 23.8% 52.0% 19.0% 22.1%
2010 12.8% 14.4% -3.3% 16.1% 5.3% -3.0% 9.0%
2011 0.0% -11.1% -17.0% -14.7% -20.0% -17.3% -5.6%
2012 13.4% 4.0% 15.2% 29.1% 22.9% 22.9% 5.8%
2013 29.6% 9.6% 18.0% 25.5% 2.9% 56.7% 14.4%
2014 11.4% 7.4% -0.5% 2.7% 1.3% 7.1% -2.7%
2015 -0.7% -11.1% 8.5% 9.6% -7.2% 9.1% -4.9%
2016 9.5% 17.5% 4.9% 6.9% 0.4% 0.4% 14.4%
2017 19.4% 6.0% 9.3% 12.5% 36.0% 19.1% 7.6%
2018 -6.2% -11.6% -11.0% -18.3% -13.6% -12.1% -12.5%
2019 28.9% 19.1% 26.4% 25.5% 9.1% 18.2% 12.1%
2020 16.3% 2.2% -7.1% 3.5% -3.4% 16.0% -14.3%
2021 26.9% 21.7% 28.9% 15.8% -14.1% 4.9% 14.3%
Source: Bloomberg (end of year closing price)

Foreign Exchange Rates
Foreign Currency Units Per US % Change Y/Y

Canadian Japanese British Canadian Japanese British
Dollar Euro Yen Pound Index Dollar Euro Yen Pound Index
2007 1.0740 0.7305 117.7865 0.4997 93.8100
2008 1.0670 0.6832 103.3681 0.5456 90.8801 2008 -0.7% -6.5% -12.2% 9.2% -3.1%
2009 1.1405 0.7189 93.6037 0.6405 96.7509 2009 6.9% 5.2% -9.4% 17.4% 6.5%
2010 1.0302 0.7553 87.7331 0.6475 93.0541 2010 -9.7% 5.1% -6.3% 1.1% -3.8%
2011 0.9891 0.7189 79.7018 0.6236 88.7767 2011 -4.0% -4.8% -9.2% -3.7% -4.6%
2012 0.9996 0.7781 79.8385 0.6310 91.6361 2012 1.1% 8.2% 0.2% 1.2% 3.2%
2013 1.0300 0.7531 97.6297 0.6395 92.7611 2013 3.0% -3.2% 22.3% 1.3% 1.2%
2014 1.1046 0.7540 105.9190 0.6074 95.5876 2014 7.2% 0.1% 8.5% -5.0% 3.0%
2015 1.2790 0.9013 121.0446 0.6544 108.1699 2015 15.8% 19.5% 14.3% 7.7% 13.2%
2016 1.3248 0.9039 108.7770 0.7407 113.0656 2016 3.6% 0.3% -10.1% 13.2% 4.5%
2017 1.2982 0.8868 112.1547 0.7765 112.8097 2017 -2.0% -1.9% 3.1% 4.8% -0.2%
2018 1.2961 0.8477 110.4630 0.7500 112.0058 2018 -0.2% -4.4% -1.5% -3.4% -0.7%
2019 1.3268 0.8935 109.0333 0.7837 115.7339 2019 2.4% 5.4% -1.3% 4.5% 3.3%
2020 1.3409 0.8771 106.7661 0.7796 117.7882 2020 1.1% -1.8% -2.1% -0.5% 1.8%
2021 1.2537 0.8459 109.8543 0.7271 113.1306 2021 -6.5% -3.5% 2.9% -6.7% -4.0%
Average 1.1703 0.8032 102.9116 0.6698 102.3974

Y/Y % Change -6.5% -3.5% 2.9% -6.7% -4.0%
5-Year CAGR -0.7% -0.9% -0.4% -1.3% 0.1%
10-Year CAGR 2.3% 0.8% 3.2% 1.4% 2.1%
Source: The Federal Reserve

Note: Averages used. Index = Nominal Advanced Foreign Economies Dollar Index, includes trade-weighted (goods only) value of the dollar

American Depositary Receipts (ADRs)
Share Dollar
Sponsored Unsponsored Volume (B) Volume ($B)
2007 2,084 N/A 76 3,000
2008 2,157 N/A 118 3,700
2009 2,110 1,060 135 2,700
2010 2,217 1,116 147 3,500
2011 2,289 1,229 175 3,800
2012 2,287 1,391 157 2,790
2013 2,230 1,532 143 2,569
2014 2,152 1,600 159 3,300
2015 1,976 1,626 160 3,100
2016 1,876 1,516 152 2,900
2017 1,652 1,613 136 3,300
2018 1,579 1,461 162 4,280
2019 1,449 1,497 162 3,510
2020 1,442 1,449 250 5,881
2021 1,403 1,475 299 8,003
Average 1,926.9 1,428.1 162.1 3,755.6
Y/Y % Change -2.7% 1.8% 19.9% 36.1%
5-Year CAGR -3.2% -1.8% 17.1% 19.4%
10-Year CAGR -4.8% 0.6% 6.7% 11.1%
% Change Y/Y
Share Dollar
Sponsored Unsponsored Volume (B) Volume ($B)
2008 3.5% N/A 55.3% 23.3%

2009 -2.2% N/A 14.4% -27.0%
2010 5.1% 5.3% 8.9% 29.6%
2011 3.2% 10.1% 19.0% 8.6%
2012 -0.1% 13.2% -10.3% -26.6%
2013 -2.5% 10.1% -8.8% -7.9%
2014 -3.5% 4.4% 11.0% 28.4%
2015 -8.2% 1.6% 0.6% -6.1%
2016 -5.1% -6.8% -4.9% -6.5%
2017 -11.9% 6.4% -10.6% 13.8%
2018 -4.4% -9.4% 19.1% 29.7%
2019 -8.2% 2.5% -0.1% -18.0%
2020 -0.5% -3.2% 54.3% 67.6%
2021 -2.7% 1.8% 19.9% 36.1%
Source: Deutsche Bank

Note: Trading volume includes both sponsored and unsponsored ADRs global traded amounts

US Holdings of Foreign Securities

Stocks Bonds Total Stocks Bonds Total
2007 5,248.0 1,734.6 6,982.5
2008 2,748.4 1,341.9 4,090.3 2008 -47.6% -22.6% -41.4%
2009 3,995.3 1,693.0 5,688.3 2009 45.4% 26.2% 39.1%
2010 4,900.2 1,903.1 6,803.3 2010 22.7% 12.4% 19.6%
2011 4,501.4 2,107.5 6,609.0 2011 -8.1% 10.7% -2.9%
2012 5,321.9 2,366.7 7,688.6 2012 18.2% 12.3% 16.3%
2013 6,472.9 2,383.8 8,856.7 2013 21.6% 0.7% 15.2%
2014 6,770.6 2,592.3 9,362.9 2014 4.6% 8.7% 5.7%
2015 6,756.2 2,424.1 9,180.2 2015 -0.2% -6.5% -2.0%
2016 7,146.3 2,531.1 9,677.4 2016 5.8% 4.4% 5.4%
2017 9,118.1 2,982.0 12,100.1 2017 27.6% 17.8% 25.0%
2018 7,899.6 3,037.7 10,937.3 2018 -13.4% 1.9% -9.6%
2019 9,478.0 3,347.6 12,825.6 2019 20.0% 10.2% 17.3%
2020 10,535.9 3,546.3 14,082.2 2020 11.2% 5.9% 9.8%
2021 11,990.9 3,858.9 15,849.8 2021 13.8% 8.8% 12.6%
Average 6,858.9 2,523.4 9,382.3

Y/Y % Change 13.8% 8.8% 12.6%
5-Year CAGR 5.6% 5.3% 5.5%
10-Year CAGR 8.5% 5.0% 7.5%
Source: The Federal Reserve - Financial Accounts of the United States

Note: Holding of foreign corporate equities, investment shares, and bonds by U.S. residents; includes American Depository Receipts (ADR)

US Gross Activity in Foreign Securities

2007 10,522.2 6,062.7 16,584.9
2008 10,860.9 4,465.8 15,326.8 2008 3.2% -26.3% -7.6%
2009 6,396.3 3,991.9 10,388.2 2009 -41.1% -10.6% -32.2%
2010 7,404.1 7,320.3 14,724.4 2010 15.8% 83.4% 41.7%
2011 8,000.5 7,054.9 15,055.4 2011 8.1% -3.6% 2.2%
2012 6,909.5 7,824.3 14,733.8 2012 -13.6% 10.9% -2.1%
2013 7,850.7 8,609.6 16,460.3 2013 13.6% 10.0% 11.7%
2014 8,892.2 9,287.3 18,179.4 2014 13.3% 7.9% 10.4%
2015 9,694.7 11,501.0 21,195.7 2015 9.0% 23.8% 16.6%
2016 8,805.5 11,104.5 19,910.0 2016 -9.2% -3.4% -6.1%
2017 9,798.2 17,387.2 27,185.3 2017 11.3% 56.6% 36.5%
2018 11,907.8 21,865.7 33,773.5 2018 21.5% 25.8% 24.2%
2019 11,082.2 25,856.9 36,939.0 2019 -6.9% 18.3% 9.4%
2020 14,437.1 31,616.3 46,053.3 2020 30.3% 22.3% 24.7%
2021 16,967.2 35,792.1 52,759.3 2021 17.5% 13.2% 14.6%
Average 9,968.6 13,982.7 23,951.3

Y/Y % Change 17.5% 13.2% 14.6%
5-Year CAGR 11.6% 15.5% 14.2%
10-Year CAGR 9.4% 16.4% 13.6%
Source: U.S. Treasury, Treasury International Capital (TIC) System

Note: Gross activity = purchases + sales

US Net Purchases of Foreign Securities

2007 94.8 150.3 245.1
2008 -20.2 -42.5 -62.7 2008 -121.3% -128.3% -125.6%
2009 59.6 123.9 183.5 2009 395.2% 391.7% 392.8%
2010 59.9 75.4 135.3 2010 0.5% -39.1% -26.3%
2011 69.8 88.8 158.6 2011 16.5% 17.8% 17.2%
2012 41.3 1.4 42.7 2012 -40.8% -98.5% -73.1%
2013 174.0 76.4 250.4 2013 321.1% 5517.4% 486.7%
2014 107.7 -94.0 13.8 2014 -38.1% -223.0% -94.5%
2015 114.0 -251.3 -137.3 2015 5.8% -167.5% -1097.5%
2016 55.8 -233.2 -177.4 2016 -51.0% 7.2% -29.2%
2017 106.3 -217.8 -111.5 2017 90.3% 6.6% 37.2%
2018 -44.0 -291.7 -335.6 2018 -141.4% -33.9% -201.1%
2019 -50.0 -113.6 -163.6 2019 -13.8% 61.1% 51.3%
2020 -109.1 -178.0 -287.1 2020 -118.0% -56.7% -75.5%
2021 54.2 -299.4 -245.2 2021 149.7% -68.2% 14.6%
Average 47.6 -80.4 -32.7

Y/Y $ Change 163.3 -121.4 41.9

Note: Net purchases = purchases - sales

US Gross Activity in Foreign Equities by Region/Country
$ Billions
Australia Canada China EU HK Japan Singapore UK Total
2007 208.4 447.1 11.7 974.8 655.1 910.4 128.4 3,453.1 10,522.2
2008 230.7 613.3 11.6 1,092.0 648.9 784.7 150.2 3,520.8 10,860.9
2009 157.4 425.9 19.5 627.1 508.5 366.5 86.0 1,992.1 6,396.3
2010 153.7 490.8 22.5 673.2 612.4 374.2 89.6 2,289.6 7,404.1
2011 135.2 581.3 25.1 724.4 638.2 390.7 104.6 2,552.0 8,000.5
2012 106.2 487.1 17.1 657.1 545.3 304.7 99.7 2,274.4 6,909.5
2013 111.0 526.4 26.2 634.7 719.3 504.9 116.8 2,456.1 7,850.7
2014 97.7 750.8 28.0 751.6 707.1 361.6 137.8 2,760.2 8,892.2
2015 115.1 846.2 46.4 861.9 728.3 390.0 171.7 2,616.6 9,694.7
2016 110.3 679.5 30.5 1,013.1 614.7 417.3 180.3 2,510.4 8,805.5
2017 114.5 744.2 32.9 1,149.3 705.4 459.0 188.2 2,811.3 9,798.2
2018 127.0 878.5 51.8 1,369.8 886.4 565.4 249.1 3,768.8 11,907.8
2019 129.6 818.4 53.1 1,204.5 832.4 441.7 231.6 3,356.3 11,082.2
2020 159.3 1,080.1 84.6 1,668.0 1,179.7 474.9 325.7 4,450.2 14,437.1
2021 201.3 1,346.2 96.7 1,868.2 1,349.6 468.7 389.0 5,210.7 16,967.2
Average 143.8 714.4 37.2 1,018.0 755.4 481.0 176.6 3,068.2 9,968.6
Y/Y % Change 26.4% 24.6% 14.2% 12.0% 14.4% -1.3% 19.4% 17.1% 17.5%
5-Year CAGR 12.0% 12.6% 24.0% 10.2% 13.9% 0.4% 15.6% 13.1% 11.6%
10-Year CAGR 6.6% 10.7% 18.9% 11.0% 9.5% 4.4% 14.6% 8.6% 9.4%

Note: Gross activity = purchases + sales. EU = European Union, HK = Hong Kong

US Net Purchases of Foreign Equities by Region/Country
$ Billions
2007 2.3 5.6 -0.6 1.4 -6.7 1.7 4.0 66.8 94.8
2008 0.8 2.2 0.3 -16.5 -12.1 -21.7 -5.6 1.7 -20.2
2009 5.9 7.2 -2.4 -11.7 9.5 2.5 -0.8 24.0 59.6
2010 0.2 2.8 -0.6 -6.9 26.0 13.0 -2.2 -3.8 59.9
2011 -0.3 1.4 5.4 12.1 0.2 -4.1 2.2 3.0 69.8
2012 0.1 0.8 -1.2 2.0 15.6 9.2 -4.6 13.1 41.3
2013 4.0 6.4 -4.0 30.3 6.7 32.9 -5.0 96.8 174.0
2014 7.9 9.9 0.2 6.3 15.3 1.2 5.8 47.8 107.7
2015 4.6 7.7 2.5 6.0 20.8 -2.4 4.5 40.9 114.0
2016 7.4 3.2 0.2 5.8 1.8 -14.2 0.0 23.3 55.8
2017 -1.2 -17.3 -0.4 -0.5 29.2 2.5 0.8 95.1 106.3
2018 -0.2 -35.6 -3.2 14.6 25.6 -10.0 -8.4 -2.5 -44.0
2019 -2.0 -28.9 -1.5 -16.9 29.9 -1.2 -1.2 16.9 -50.0
2020 -1.8 -39.6 -2.4 -32.4 -26.4 -16.4 2.8 31.3 -109.1
2021 7.5 8.1 0.0 -12.8 2.1 -5.5 -9.3 52.4 54.2
Average 2.3 -4.4 -0.5 -1.3 9.2 -0.8 -1.1 33.8 47.6
Y/Y $ Change 9.3 47.8 2.4 19.6 28.5 10.9 -12.2 21.1 163.3

Note: Net purchases = purchases - sales; EU = European Union, HK = Hong Kong

Foreign Holdings of US Securities
$ Billions
Agency &
Stocks Corporates UST MBS Total
2007 2,954.0 2,775.0 2,376.4 1,576.8 9,682.3
2008 1,929.9 2,383.9 3,253.0 1,402.2 8,968.9
2009 2,657.4 2,483.5 3,670.6 1,150.0 9,961.5
2010 3,213.5 2,523.1 4,458.8 1,095.8 11,291.2
2011 3,397.2 2,491.0 5,004.4 1,078.2 11,970.8
2012 3,953.0 2,617.6 5,571.5 1,001.2 13,143.2
2013 5,205.4 2,732.9 5,792.6 883.8 14,614.7
2014 5,920.6 2,928.0 6,158.0 899.6 15,906.2
2015 5,500.9 3,083.3 6,146.2 916.5 15,647.0
2016 5,782.7 3,431.7 6,002.8 991.6 16,208.8
2017 7,019.4 3,881.7 6,211.3 1,012.2 18,124.6
2018 6,629.5 3,604.4 6,270.1 1,087.0 17,591.1
2019 8,199.2 3,964.3 6,844.2 1,203.8 20,211.5
2020 10,449.2 4,445.8 7,070.8 1,195.7 23,161.5
2021 13,318.0 4,440.6 7,739.4 1,250.3 26,748.3
Average 5,742.0 3,185.8 5,504.7 1,116.3 15,548.8

Y/Y % Change 27.5% -0.1% 9.5% 4.6% 15.5%
5-Year CAGR 13.7% 2.7% 4.5% 4.3% 8.1%
10-Year CAGR 12.9% 5.4% 3.3% 2.2% 7.4%
% Change Y/Y
Agency &
Stocks Corporates UST MBS Total
2008 -34.7% -14.1% 36.9% -11.1% -7.4%

2009 37.7% 4.2% 12.8% -18.0% 11.1%
2010 20.9% 1.6% 21.5% -4.7% 13.3%
2011 5.7% -1.3% 12.2% -1.6% 6.0%
2012 16.4% 5.1% 11.3% -7.1% 9.8%
2013 31.7% 4.4% 4.0% -11.7% 11.2%
2014 13.7% 7.1% 6.3% 1.8% 8.8%
2015 -7.1% 5.3% -0.2% 1.9% -1.6%
2016 5.1% 11.3% -2.3% 8.2% 3.6%
2017 21.4% 13.1% 3.5% 2.1% 11.8%
2018 -5.6% -7.1% 0.9% 7.4% -2.9%
2019 23.7% 10.0% 9.2% 10.7% 14.9%
2020 27.4% 12.1% 3.3% -0.7% 14.6%
2021 27.5% -0.1% 9.5% 4.6% 15.5%

Note: UST = U.S. Treasuries, MBS = mortgage-backed securities, agency = federal agency debt. Corporates = corporate bonds, includes asset-backed
securities (ABS) and MBS

Foreign Gross Activity in US Securities
$ Billions
Stocks Corporates UST Agency Total

2007 21,082.7 3,429.2 30,021.6 3,864.7 58,398.1
2008 24,030.8 2,838.1 28,924.7 5,209.1 61,002.6
2009 13,155.0 2,414.1 22,628.9 2,086.3 40,284.3
2010 13,384.6 1,951.7 31,653.7 2,095.9 49,086.0
2011 15,413.4 2,032.3 35,439.6 2,167.2 55,052.4
2012 14,706.1 1,759.7 29,075.0 2,890.1 48,430.8
2013 15,435.8 1,856.7 35,386.7 2,671.9 55,351.1
2014 17,861.9 2,145.2 33,243.8 2,143.0 55,393.9
2015 22,233.5 2,232.8 32,490.6 2,616.6 59,573.5
2016 23,065.8 2,298.8 30,510.3 3,260.2 59,135.1
2017 26,592.2 2,967.9 29,511.7 3,475.6 62,547.5
2018 36,291.1 2,776.4 30,100.6 3,633.4 72,801.5
2019 37,228.8 3,481.1 36,646.7 4,850.6 82,207.1
2020 48,547.7 5,224.6 38,020.1 6,539.4 98,331.8
2021 61,181.3 5,097.3 50,659.2 9,783.7 126,721.5
Average 26,014.0 2,833.7 32,954.2 3,819.2 65,621.2

Y/Y % Change 26.0% -2.4% 33.2% 49.6% 28.9%
5-Year CAGR 18.1% 11.4% 11.4% 23.0% 15.2%
10-Year CAGR 15.3% 11.2% 5.7% 13.0% 10.1%
% Change Y/Y
2008 14.0% -17.2% -3.7% 34.8% 4.5%

2009 -45.3% -14.9% -21.8% -59.9% -34.0%
2010 1.7% -19.2% 39.9% 0.5% 21.8%
2011 15.2% 4.1% 12.0% 3.4% 12.2%
2012 -4.6% -13.4% -18.0% 33.4% -12.0%
2013 5.0% 5.5% 21.7% -7.5% 14.3%
2014 15.7% 15.5% -6.1% -19.8% 0.1%
2015 24.5% 4.1% -2.3% 22.1% 7.5%
2016 3.7% 3.0% -6.1% 24.6% -0.7%
2017 15.3% 29.1% -3.3% 6.6% 5.8%
2018 36.5% -6.5% 2.0% 4.5% 16.4%
2019 2.6% 25.4% 21.7% 33.5% 12.9%
2020 30.4% 50.1% 3.7% 34.8% 19.6%
2021 26.0% -2.4% 33.2% 49.6% 28.9%

Note: Gross activity = purchases + sales. UST = U.S. Treasuries, agency = federal agency debt, corporates = corporate bonds

Foreign Net Purchases of US Securities
$ Billions
2007 195.6 392.1 199.0 218.6 1,005.3
2008 44.8 93.3 315.3 -37.7 415.7
2009 152.7 -39.7 538.3 -9.9 641.5
2010 109.8 -11.4 703.5 109.3 911.1
2011 24.7 -42.6 421.0 81.9 485.0
2012 107.8 -22.8 417.4 131.7 634.1
2013 -43.0 9.3 43.6 72.4 82.3
2014 -15.4 23.3 178.1 75.8 261.8
2015 -114.7 134.7 -15.0 158.2 163.2
2016 -6.3 125.0 -311.8 266.3 73.1
2017 119.4 132.3 25.0 136.4 413.1
2018 -129.8 56.9 8.8 230.5 166.3
2019 0.9 16.1 -131.4 299.9 185.4
2020 366.9 -145.3 -537.4 469.6 153.9
2021 47.8 146.7 82.4 321.5 598.6
Average 57.4 57.9 129.1 168.3 412.7

Y/Y % Change -87.0% 201.0% 115.3% -31.5% 289.0%
% Change Y/Y
2008 -77.1% -76.2% 58.4% -117.2% -58.6%

2009 241.2% -142.5% 70.7% 73.8% 54.3%
2010 -28.1% 71.2% 30.7% 1207.3% 42.0%
2011 -77.5% -273.2% -40.2% -25.1% -46.8%
2012 336.1% 46.5% -0.9% 60.8% 30.7%
2013 -139.9% 140.9% -89.5% -45.0% -87.0%
2014 64.2% 149.8% 308.1% 4.7% 218.0%
2015 -644.9% 478.5% -108.4% 108.7% -37.7%
2016 94.5% -7.2% -1979.7% 68.3% -55.2%
2017 1981.4% 5.8% 108.0% -48.8% 465.0%
2018 -208.7% -57.0% -64.9% 69.0% -59.7%
2019 100.7% -71.7% -1597.1% 30.1% 11.5%
2020 42265.1% -1004.1% -309.0% 56.6% -17.0%
2021 -87.0% 201.0% 115.3% -31.5% 289.0%

Note: Net purchases = purchases – sales. UST = U.S. Treasuries, agency = federal agency debt, corporates = corporate bonds

Foreign Gross Activity in US Equities by Region/Country
$ Billions
2007 61.0 411.1 17.4 3,804.3 118.4 103.5 63.3 3,640.4 21,082.7
2008 74.7 765.4 32.1 5,517.5 128.7 104.4 105.5 3,689.5 24,030.8
2009 45.5 619.1 34.5 2,713.7 63.9 127.5 78.7 1,749.6 13,155.0
2010 53.6 731.5 38.0 2,394.0 73.8 132.7 79.8 1,843.2 13,384.6
2011 64.5 974.4 34.0 2,543.0 89.5 166.1 91.8 2,593.0 15,413.4
2012 62.4 1,176.5 44.1 2,457.6 88.0 154.7 99.1 2,388.4 14,706.1
2013 82.8 793.6 49.0 2,018.2 160.1 179.9 132.2 3,101.2 15,435.8
2014 89.2 867.2 46.8 1,852.9 207.0 158.7 126.2 3,589.9 17,861.9
2015 80.3 833.9 50.4 1,834.3 183.8 133.3 147.2 5,360.1 22,233.5
2016 72.5 985.1 32.6 2,126.1 185.1 124.5 145.6 6,637.3 23,065.8
2017 85.9 1,173.2 45.5 2,031.4 234.6 155.7 211.8 8,295.3 26,592.2
2018 98.6 1,549.7 110.5 3,203.8 377.2 193.1 380.4 12,978.0 36,291.1
2019 104.0 1,516.8 106.5 3,943.5 362.4 193.4 417.2 11,677.0 37,228.8
2020 164.6 2,536.3 159.7 5,510.4 651.1 347.8 597.1 12,483.0 48,547.7
2021 216.5 2,883.0 169.9 6,755.3 797.6 375.6 651.3 16,653.6 61,181.3
Average 90.4 1,187.8 64.7 3,247.1 248.1 176.7 221.8 6,445.3 26,014.0
Y/Y % Change 31.5% 13.7% 6.4% 22.6% 22.5% 8.0% 9.1% 33.4% 26.0%
5-Year CAGR 20.3% 19.7% 30.2% 27.2% 27.7% 19.3% 25.2% 15.0% 18.1%
10-Year CAGR 13.3% 9.4% 14.4% 10.6% 24.7% 9.3% 20.7% 21.4% 15.3%

Note: Gross activity = purchases + sales. EU = European Union, HK = Hong Kong

Foreign Net Purchases of US Equities by Region/Country
$ Billions
2007 4.8 8.1 4.0 17.0 35.4 -5.0 -2.5 69.5 195.6
2008 0.1 7.2 -0.7 -32.7 27.4 23.0 7.1 30.9 44.8
2009 3.0 -1.6 4.0 15.7 6.3 13.8 12.0 33.7 152.7
2010 2.0 6.5 2.8 14.4 9.8 4.6 -4.4 27.8 109.8
2011 0.3 14.1 0.4 -35.0 6.5 3.4 -6.7 3.0 24.7
2012 1.0 14.7 -1.5 22.1 0.1 -8.1 -0.9 34.2 107.8
2013 -0.6 -3.2 2.8 11.7 -4.0 -26.4 -3.8 -0.3 -43.0
2014 0.9 10.2 -1.7 28.6 -6.6 -9.2 -11.0 -19.7 -15.4
2015 0.1 -12.2 -4.5 -25.3 -16.2 9.5 -5.5 -15.5 -114.7
2016 0.4 2.3 -3.3 -20.6 -12.3 9.1 -0.6 13.5 -6.3
2017 6.8 53.0 2.1 -2.6 -4.6 3.0 -7.3 33.5 119.4
2018 2.9 0.8 2.0 -4.8 -28.9 5.9 -2.9 -106.4 -129.8
2019 4.3 21.1 -3.5 17.7 7.0 0.0 16.6 -15.7 0.9
2020 -2.1 72.8 0.4 107.5 23.6 14.0 22.0 -20.3 366.9
2021 11.5 76.6 -7.0 72.1 -4.2 -24.2 14.9 -64.5 47.8
Average 2.4 18.0 -0.2 12.4 2.6 0.9 1.8 0.2 57.4
Y/Y % Change 657.2% 5.3% -1682.8% -33.0% -117.8% -273.0% -32.2% -217.2% -87.0%

Note: Net purchases = purchases - sales; EU = European Union, HK = Hong Kong

Global Investment Banking Revenues by Product – Charts
Global Investment Banking Fees ($B)

M&A DCM ECM SyndicatedLending
140 132.3
120
100 92.1
80.7 82.5 80.5
75.5 75.6 74.6 77.9
80 66.7
60
40
20
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Global Investment Banking Fees (% of Total)

M&A DCM ECM Syndicated Lending
100%
16% 16% 11% 15%
90% 18% 19% 19% 18% 20%
23%
80%
28%
70% 32% 34%
30% 28% 31% 34%
24% 34% 36%
60%
50%
29%
40% 21% 24% 26% 22% 19%
25% 19% 27%
19%
30%
20%
32% 29% 27% 29% 29% 30% 32%
27% 25% 24%
10%
0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Dealogic Investment Banking Revenue Analytics

Note: M&A = mergers & acquisition; DCM = debt capital markets; ECM = equity capital markets

Se
Global Investment Banking Revenues by Region
$ Billions
US UK Europe Japan BRICs Can & Aus Asia Pac Lat Am Other Total
2017 40.6 4.3 14.1 3.6 10.0 5.5 2.3 0.9 1.3 82.5
2018 39.4 4.9 14.6 3.4 8.3 5.8 2.2 0.6 1.3 80.5
2019 39.3 4.0 13.0 3.0 9.5 4.9 2.2 0.6 1.5 77.9
2020 47.7 4.5 14.6 3.7 12.5 5.2 2.2 0.4 1.3 92.1
2021 70.6 7.0 21.8 3.9 15.0 7.8 3.3 0.7 2.1 132.3
Average 47.5 4.9 15.6 3.5 11.0 5.8 2.4 0.7 1.5 93.1
Y/Y % Change 48.0% 55.8% 49.1% 6.9% 20.1% 49.9% 49.1% 72.3% 62.7% 43.6%
5-Year CAGR 11.7% 10.2% 9.1% 1.9% 8.4% 7.3% 7.8% -4.5% 10.4% 9.9%
% Change Y/Y
US UK Europe Japan BRICs Can & Aus Asia Pac Lat Am Other Total
2018 -2.8% 13.2% 4.0% -5.0% -17.3% 5.0% -1.6% -32.6% 3.0% -2.4%
2019 -0.2% -19.5% -11.2% -11.0% 14.9% -15.7% -1.7% 1.3% 9.5% -3.3%
2020 21.4% 14.3% 12.4% 21.5% 31.0% 7.3% 1.0% -32.5% -10.8% 18.2%
2021 48.0% 55.8% 49.1% 6.9% 20.1% 49.9% 49.1% 72.3% 62.7% 43.6%
% of Total
US UK Europe Japan BRICs Can & Aus Asia Pac Lat Am Other
2017 49.2% 5.3% 17.1% 4.3% 12.1% 6.6% 2.7% 1.1% 1.6%
2018 48.9% 6.1% 18.2% 4.2% 10.3% 7.1% 2.8% 0.8% 1.6%
2019 50.5% 5.1% 16.7% 3.9% 12.2% 6.2% 2.8% 0.8% 1.9%
2020 51.8% 4.9% 15.9% 4.0% 13.5% 5.7% 2.4% 0.5% 1.4%
2021 53.4% 5.3% 16.5% 3.0% 11.3% 5.9% 2.5% 0.6% 1.6%
Average 50.8% 5.3% 16.9% 3.9% 11.9% 6.3% 2.6% 0.8% 1.6%
Y/Y % Change 1.6% 0.4% 0.6% -1.0% -2.2% 0.2% 0.1% 0.1% 0.2%

Note: Includes M&A, debt capital markets, equity capital markets, synd lend = syndicated lending. BRICs = Brazil, Russia, India, China. Can = Canada,
Aus = Australia. Asia Pac excludes Japan, China, Australia, India. Lat Am excludes Brazil

Global Mergers and Acquisitions – Announced and Completed
Announced Completed
Value Value
($ Billions) # of Deals ($ Billions) # of Deals
2007 4,613.3 43,698 2007 4,746.4 43,492
2008 3,172.9 42,538 2008 3,568.6 43,305
2009 2,299.4 37,644 2009 2,370.1 37,173
2010 2,724.0 42,372 2010 2,491.3 41,996
2011 2,768.9 45,561 2011 2,911.0 45,536
2012 2,661.1 43,989 2012 2,558.9 43,933
2013 2,790.0 38,430 2013 2,751.7 38,622
2014 3,627.0 41,613 2014 3,055.8 41,255
2015 4,550.8 40,639 2015 4,130.8 40,534
2016 3,768.6 38,864 2016 3,907.4 39,278
2017 3,562.4 40,840 2017 3,697.3 41,142
2018 4,111.7 36,232 2018 4,308.8 36,262
2019 3,962.5 37,051 2019 3,830.4 37,077
2020 3,604.3 34,119 2020 3,516.2 33,843
2021 5,927.8 36,252 2021 5,400.9 35,830
Average 3,609.7 39,989.5 Average 3,549.7 39,951.9
Y/Y % Change 64.5% 6.3% Y/Y % Change 53.6% 5.9%
5-Year CAGR 10.7% -2.4% 5-Year CAGR 7.9% -2.7%
% Change Y/Y
Announced Announced Completed Completed

Value # of Deals Value # of Deals
2008 -31.2% -2.7% -24.8% -0.4%

2009 -27.5% -11.5% -33.6% -14.2%
2010 18.5% 12.6% 5.1% 13.0%
2011 1.6% 7.5% 16.8% 8.4%
2012 -3.9% -3.5% -12.1% -3.5%
2013 4.8% -12.6% 7.5% -12.1%
2014 30.0% 8.3% 11.1% 6.8%
2015 25.5% -2.3% 35.2% -1.7%
2016 -17.2% -4.4% -5.4% -3.1%
2017 -5.5% 5.1% -5.4% 4.7%
2018 15.4% -11.3% 16.5% -11.9%
2019 -3.6% 2.3% -11.1% 2.2%
2020 -9.0% -7.9% -8.2% -8.7%
2021 64.5% 6.3% 53.6% 5.9%
Source: Dealogic

Section II: US Capital Markets

US Equity and Debt Outstanding
$ Billions
Equity UST MBS Corporates Munis ABS Agency MMs
2007 26,199.5 4,522.6 9,386.0 5,275.4 3,563.1 1,963.5 2,905.9 1,788.9
2008 16,263.5 5,783.6 9,467.4 5,366.5 3,677.4 1,829.5 3,208.5 1,599.8
2009 20,649.0 7,260.6 9,352.5 5,543.6 3,864.1 1,712.1 2,726.3 1,138.0
2010 24,077.2 8,853.0 9,258.4 6,192.6 3,981.6 1,507.8 2,537.5 1,057.6
2011 23,333.6 9,928.4 9,075.5 6,264.5 3,944.4 1,359.0 2,326.9 969.3
2012 26,833.5 11,046.1 8,838.1 6,706.8 3,953.2 1,280.3 2,095.8 952.3
2013 34,445.8 11,854.4 8,742.6 7,093.4 3,891.1 1,285.7 2,058.3 951.6
2014 38,096.4 12,504.8 8,842.0 7,429.4 3,854.4 1,349.4 2,028.7 930.4
2015 37,211.1 13,191.6 8,894.8 7,636.7 3,874.4 1,376.6 1,995.4 941.5
2016 40,168.0 13,908.2 9,023.2 7,910.5 3,923.0 1,391.8 1,971.7 884.9
2017 47,919.8 14,468.8 9,304.5 8,249.1 3,939.2 1,457.9 1,934.7 965.9
2018 43,715.3 15,608.0 9,732.3 8,481.0 3,894.0 1,615.6 1,841.6 996.0
2019 54,644.0 16,673.3 10,229.5 8,783.1 3,904.1 1,663.2 1,726.2 1,045.2
2020 65,444.1 20,973.1 11,214.0 9,684.6 3,988.2 1,535.5 1,688.6 986.9
2021 80,094.7 22,584.0 12,201.6 9,944.9 4,064.3 1,585.3 1,433.3 1,014.2
Average 38,606.4 12,610.7 9,570.8 7,370.8 3,887.8 1,527.6 2,165.3 1,081.5

Y/Y % Change 22.4% 7.7% 8.8% 2.7% 1.9% 3.2% -15.1% 2.8%
5-Year CAGR 10.8% 9.3% 5.6% 3.8% 0.6% 1.7% -5.8% 1.0%
10-Year CAGR 11.6% 7.4% 3.3% 4.0% 0.3% 2.2% -3.7% 0.6%
% Change Y/Y
Equity UST MBS Corporates Munis ABS Agency MMs
2008 -37.9% 27.9% 0.9% 1.7% 3.2% -6.8% 10.4% -10.6%

2009 27.0% 25.5% -1.2% 3.3% 5.1% -6.4% -15.0% -28.9%
2010 16.6% 21.9% -1.0% 11.7% 3.0% -11.9% -6.9% -7.1%
2011 -3.1% 12.1% -2.0% 1.2% -0.9% -9.9% -8.3% -8.3%
2012 15.0% 11.3% -2.6% 7.1% 0.2% -5.8% -9.9% -1.7%
2013 28.4% 7.3% -1.1% 5.8% -1.6% 0.4% -1.8% -0.1%
2014 10.6% 5.5% 1.1% 4.7% -0.9% 5.0% -1.4% -2.2%
2015 -2.3% 5.5% 0.6% 2.8% 0.5% 2.0% -1.6% 1.2%
2016 7.9% 5.4% 1.4% 3.6% 1.3% 1.1% -1.2% -6.0%
2017 19.3% 4.0% 3.1% 4.3% 0.4% 4.8% -1.9% 9.2%
2018 -8.8% 7.9% 4.6% 2.8% -1.1% 10.8% -4.8% 3.1%
2019 25.0% 6.8% 5.1% 3.6% 0.3% 2.9% -6.3% 4.9%
2020 19.8% 25.8% 9.6% 10.3% 2.2% -7.7% -2.2% -5.6%
2021 22.4% 7.7% 8.8% 2.7% 1.9% 3.2% -15.1% 2.8%
Source: Bloomberg, Federal Agencies, Refinitiv, SIFMA, The Federal Reserve, US Department of Treasury
Note: Corporate equities include both listed on exchanges and closely held common and preferred shares issued by domestic corporations and US
purchases of shares issued by foreign corporations; UST = US Treasuries, MBS = mortgage-backed securities, Corporates = corporate bonds, munis =
municipal securities, agency = federal agency securities, ABS = asset-backed securities, MMs = money market funds
US Equity Market Capitalization

NYSE Nasdaq Total NYSE Nasdaq Total
2007 15,650.8 4,013.7 19,664.5
2008 9,208.9 2,249.0 11,457.9 2008 -41.2% -44.0% -41.7%
2009 11,837.8 3,239.5 15,077.3 2009 28.5% 44.0% 31.6%
2010 13,394.1 3,889.4 17,283.5 2010 13.1% 20.1% 14.6%
2011 11,795.6 3,845.1 15,640.7 2011 -11.9% -1.1% -9.5%
2012 14,085.9 4,582.4 18,668.3 2012 19.4% 19.2% 19.4%
2013 17,949.9 6,085.0 24,034.9 2013 27.4% 32.8% 28.7%
2014 19,351.4 6,979.2 26,330.6 2014 7.8% 14.7% 9.6%
2015 17,786.8 7,280.8 25,067.5 2015 -8.1% 4.3% -4.8%
2016 19,573.1 7,779.1 27,352.2 2016 10.0% 6.8% 9.1%
2017 22,081.4 10,039.3 32,120.7 2017 12.8% 29.1% 17.4%
2018 20,679.5 9,756.8 30,436.3 2018 -6.3% -2.8% -5.2%
2019 21,083.7 13,002.0 34,085.7 2019 2.0% 33.3% 12.0%
2020 22,509.5 19,060.4 41,569.9 2020 6.8% 46.6% 22.0%
2021 27,686.9 24,557.1 52,244.0 2021 23.0% 28.8% 25.7%
Average 17,645.0 8,423.9 26,068.9

Y/Y % Change 23.0% 28.8% 25.7%
5-Year CAGR 4.6% 19.6% 10.2%
10-Year CAGR 7.0% 18.3% 10.8%
US Equity Market Cap ($T)

60
52.2
50
41.6
40
34.1
32.1
30.4
30 26.3 27.4
24.0 25.1
18.7
20
10
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Note: Includes market capitalization of domestic companies only

US Fixed Income Securities Issuance – Chart
US Fixed Income Securities Issuance

16
UST MBS Corporates Munis Agency ABS
13.4
14
12.5
12
10
8.4
7.5 7.5 7.6 7.5
8 7.0 6.8
6.4
6
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Sources: Bloomberg, Refinitiv, Treasury, US Agencies

Note: UST = US Treasuries, MBS = mortgage-backed securities, Corporates = corporate bonds, munis = municipal securities, agency = federal agency
securities, ABS = asset-backed securities. Includes long-term securities only

US Fixed Income Securities Issuance – Value
$ Billions
UST MBS Corporates Munis Agency ABS Total

2007 752.2 2,434.6 1,226.3 429.2 831.2 795.9 6,469.4
2008 1,029.4 1,394.0 759.3 389.3 924.8 215.2 4,712.0
2009 2,197.2 2,172.1 975.7 409.6 1,244.4 177.9 7,177.0
2010 2,319.8 2,012.6 1,088.6 433.3 1,362.1 125.9 7,342.4
2011 2,103.3 1,724.8 1,047.4 295.1 1,025.3 151.0 6,346.8
2012 2,304.6 2,195.1 1,394.7 382.7 925.5 259.0 7,461.6
2013 2,140.0 2,120.2 1,424.5 335.4 652.9 304.1 6,977.1
2014 2,215.2 1,439.6 1,481.1 339.1 558.7 393.4 6,427.1
2015 2,122.4 1,800.7 1,514.4 405.1 645.5 333.4 6,821.5
2016 2,169.4 2,044.2 1,550.7 451.9 927.9 325.4 7,469.6
2017 2,224.3 1,934.7 1,677.5 449.0 731.3 550.3 7,567.1
2018 2,684.7 1,874.7 1,377.6 346.8 653.6 516.9 7,454.2
2019 2,935.5 2,242.6 1,418.2 426.4 989.3 434.7 8,446.6
2020 3,895.8 4,271.0 2,275.3 484.7 1,251.3 304.3 12,482.3
2021 5,139.1 4,584.6 1,958.3 480.4 692.9 581.9 13,437.3
Average 2,415.5 2,283.0 1,411.3 403.9 894.5 364.6 7,772.8

Y/Y % Change 31.9% 7.3% -13.9% -0.9% -44.6% 91.2% 7.7%
5-Year CAGR 18.2% 18.8% 3.1% 1.4% -1.1% 1.1% 12.2%
10-Year CAGR 8.4% 7.6% 3.5% 2.3% -2.9% 8.4% 6.1%
% Change Y/Y
UST MBS ates Munis Agency ABS Total
2008 36.9% -42.7% -38.1% -9.3% 11.2% -73.0% -27.2%

2009 113.4% 55.8% 28.5% 5.2% 34.6% -17.3% 52.3%
2010 5.6% -7.3% 11.6% 5.8% 9.5% -29.2% 2.3%
2011 -9.3% -14.3% -3.8% -31.9% -24.7% 19.9% -13.6%
2012 9.6% 27.3% 33.2% 29.7% -9.7% 71.6% 17.6%
2013 -7.1% -3.4% 2.1% -12.3% -29.5% 17.4% -6.5%
2014 3.5% -32.1% 4.0% 1.1% -14.4% 29.3% -7.9%
2015 -4.2% 25.1% 2.2% 19.5% 15.5% -15.2% 6.1%
2016 2.2% 13.5% 2.4% 11.6% 43.7% -2.4% 9.5%
2017 2.5% -5.4% 8.2% -0.7% -21.2% 69.1% 1.3%
2018 20.7% -3.1% -17.9% -22.8% -10.6% -6.1% -1.5%
2019 9.3% 19.6% 2.9% 22.9% 51.4% -15.9% 13.3%
2020 32.7% 90.4% 60.4% 13.7% 26.5% -30.0% 47.8%
2021 31.9% 7.3% -13.9% -0.9% -44.6% 91.2% 7.7%
Source: Bloomberg, Refinitiv, Treasury, US Agencies

Note: UST = US Treasuries, MBS = mortgage-backed securities, Corporates = corporate bonds, munis = municipal securities, agency = federal agency
securities, ABS = asset-backed securities. Includes long-term securities only

US Fixed Income Securities Issuance – Number of Issues
% Change Y/Y
Corporates Munis ABS Corporates Munis ABS
2007 2,258 12,591 1,448
2008 1,135 10,781 313 2008 -49.7% -14.4% -78.4%
2009 1,453 11,691 289 2009 28.0% 8.4% -7.7%
2010 1,725 13,804 318 2010 18.7% 18.1% 10.0%
2011 1,495 10,583 313 2011 -13.3% -23.3% -1.6%
2012 1,952 13,150 503 2012 30.6% 24.3% 60.7%
2013 1,873 11,503 626 2013 -4.0% -12.5% 24.5%
2014 1,693 11,141 738 2014 -9.6% -3.1% 17.9%
2015 1,413 13,302 733 2015 -16.5% 19.4% -0.7%
2016 1,520 13,556 740 2016 7.6% 1.9% 1.0%
2017 1,781 12,059 1,166 2017 17.2% -11.0% 57.6%
2018 1,383 9,611 1,080 2018 -22.3% -20.3% -7.4%
2019 1,410 11,602 903 2019 2.0% 20.7% -16.4%
2020 2,093 13,336 604 2020 48.4% 14.9% -33.1%
2021 1,876 12,946 1,063 2021 -10.4% -2.9% 76.0%
Average 1,671 12,110 722

Y/Y % Change -10.4% -2.9% 76.0%
5-Year CAGR 4.3% -0.9% 7.5%
10-Year CAGR 2.3% 2.0% 13.0%
Source: Bloomberg, Refinitiv

Note: Corporates = corporate bonds, munis = municipal securities, agency = federal agency securities, ABS = asset-backed securities. Includes long-
term securities only. No data available for U.S. Treasuries or mortgage-backed securities.

US Long-Term Municipal Bond Issuance – Value
$ Billion
Revenue Revenue Total Gen Oblig Gen Oblig Total Gen Private
Competitive Negotiated Revenue Competitive Negotiated Oblig Placements Total
2007 21.7 270.7 292.4 51.0 80.8 131.8 5.0 429.2
2008 15.5 260.5 276.0 37.8 72.4 110.2 3.2 389.3
2009 11.8 239.3 251.1 46.1 108.7 154.8 3.7 409.6
2010 24.2 254.2 278.4 49.0 98.0 146.9 7.9 433.3
2011 18.7 161.4 180.1 40.8 64.2 105.1 9.9 295.1
2012 26.4 208.1 234.6 47.7 87.5 135.3 12.8 382.7
2013 18.1 170.1 188.2 51.3 73.3 124.6 22.7 335.4
2014 20.5 161.3 181.8 51.4 81.5 132.8 24.5 339.1
2015 23.3 200.3 223.6 63.9 89.8 153.8 27.8 405.1
2016 29.4 219.2 248.5 69.3 106.0 175.3 28.1 451.9
2017 29.4 218.3 247.6 68.9 91.9 160.8 40.6 449.0
2018 26.5 175.5 202.0 58.1 62.9 120.9 23.9 346.8
2019 27.2 219.0 246.2 72.0 88.6 160.6 19.6 426.4
2020 24.9 236.4 261.3 68.1 121.9 189.9 33.9 485.1
2021 28.8 252.9 281.6 70.8 104.6 175.4 24.8 481.8
Average 23.1 216.5 239.6 56.4 88.8 145.2 19.2 404.0

Y/Y % Change 15.8% 7.0% 7.8% 4.0% -14.2% -7.7% -27.0% -0.7%
5-Year CAGR -0.4% 3.0% 2.6% 0.6% 2.6% 1.8% -9.4% 1.4%
10-Year CAGR 0.9% 2.0% 1.8% 4.0% 1.8% 2.6% 6.8% 2.3%
% Change Y/Y
2008 -28.4% -3.8% -5.6% -25.9% -10.4% -16.4% -36.4% -9.3%

2009 -23.9% -8.1% -9.0% 22.0% 50.2% 40.5% 15.9% 5.2%
2010 105.0% 6.2% 10.9% 6.2% -9.9% -5.1% 114.2% 5.8%
2011 -22.6% -36.5% -35.3% -16.6% -34.4% -28.5% 25.2% -31.9%
2012 41.2% 28.9% 30.2% 16.9% 36.2% 28.7% 29.6% 29.7%
2013 -31.5% -18.3% -19.8% 7.4% -16.3% -7.9% 76.7% -12.3%
2014 13.0% -5.1% -3.4% 0.2% 11.1% 6.6% 8.2% 1.1%
2015 14.0% 24.2% 23.0% 24.5% 10.3% 15.8% 13.2% 19.5%
2016 25.9% 9.4% 11.2% 8.4% 18.0% 14.0% 1.2% 11.6%
2017 0.0% -0.4% -0.4% -0.6% -13.2% -8.3% 44.4% -0.7%
2018 -9.8% -19.6% -18.4% -15.7% -31.6% -24.8% -41.2% -22.8%
2019 2.6% 24.8% 21.9% 24.0% 40.9% 32.8% -17.8% 22.9%
2020 -8.5% 8.0% 6.1% -5.4% 37.6% 18.3% 72.9% 13.8%
2021 15.8% 7.0% 7.8% 4.0% -14.2% -7.7% -27.0% -0.7%
Source: Refinitiv
Note: Includes securities issued by a state, territory, municipality, county, or certain non-profit organizations; excludes securities with maturities <13
months. Gen Oblig = general obligation

US Long-Term Municipal Bond Issuance – Number of Issues
Number of Deals
2007 622 5,339 5,961 2,983 3,242 6,225 405 12,591
2008 482 4,240 4,722 2,870 2,825 5,695 364 10,781
2009 515 3,727 4,242 3,125 3,992 7,117 332 11,691
2010 791 4,434 5,225 3,437 4,769 8,206 373 13,804
2011 552 3,009 3,561 2,942 3,666 6,608 414 10,583
2012 760 3,541 4,301 3,530 4,731 8,261 588 13,150
2013 548 3,012 3,560 3,272 3,741 7,013 930 11,503
2014 559 2,821 3,380 3,257 3,527 6,784 977 11,141
2015 663 3,576 4,239 3,778 4,063 7,841 1,222 13,302
2016 790 3,650 4,440 3,847 3,984 7,831 1,285 13,556
2017 549 3,350 3,899 3,467 3,219 6,686 1,474 12,059
2018 516 2,759 3,275 3,201 2,073 5,274 1,062 9,611
2019 610 3,335 3,945 3,487 3,175 6,662 995 11,602
2020 601 3,519 4,120 3,761 3,968 7,729 1,492 13,341
2021 563 4,010 4,573 3,716 3,567 7,283 1,145 13,001
Average 608 3,621 4,230 3,378 3,636 7,014 871 12,114

Y/Y % Change -6.3% 14.0% 11.0% -1.2% -10.1% -5.8% -23.3% -2.5%
5-Year CAGR 0.5% 3.7% 3.2% 1.4% 2.1% 1.7% -4.9% 1.5%
10-Year CAGR -3.0% 1.3% 0.6% 0.5% -2.8% -1.3% 6.9% -0.1%
% Change Y/Y
2008 -22.5% -20.6% -20.8% -3.8% -12.9% -8.5% -10.1% -14.4%

2009 6.8% -12.1% -10.2% 8.9% 41.3% 25.0% -8.8% 8.4%
2010 53.6% 19.0% 23.2% 10.0% 19.5% 15.3% 12.3% 18.1%
2011 -30.2% -32.1% -31.8% -14.4% -23.1% -19.5% 11.0% -23.3%
2012 37.7% 17.7% 20.8% 20.0% 29.1% 25.0% 42.0% 24.3%
2013 -27.9% -14.9% -17.2% -7.3% -20.9% -15.1% 58.2% -12.5%
2014 2.0% -6.3% -5.1% -0.5% -5.7% -3.3% 5.1% -3.1%
2015 18.6% 26.8% 25.4% 16.0% 15.2% 15.6% 25.1% 19.4%
2016 19.2% 2.1% 4.7% 1.8% -1.9% -0.1% 5.2% 1.9%
2017 -30.5% -8.2% -12.2% -9.9% -19.2% -14.6% 14.7% -11.0%
2018 -6.0% -17.6% -16.0% -7.7% -35.6% -21.1% -28.0% -20.3%
2019 18.2% 20.9% 20.5% 8.9% 53.2% 26.3% -6.3% 20.7%
2020 -1.5% 5.5% 4.4% 7.9% 25.0% 16.0% 49.9% 15.0%
2021 -6.3% 14.0% 11.0% -1.2% -10.1% -5.8% -23.3% -2.5%
Source: Refinitiv
months. Gen Oblig = general obligation

US Long-Term Municipal Bond Issuance – Number of Issuers
Unique % Unique %
Total Unique Total Total Unique Total
2007 12,591 7,921 62.9%
2008 10,781 6,849 63.5% 2008 -14.4% -13.5% 0.6%
2009 11,691 7,358 62.9% 2009 8.4% 7.4% -0.6%
2010 13,804 8,234 59.6% 2010 18.1% 11.9% -3.3%
2011 10,583 7,143 67.5% 2011 -23.3% -13.2% 7.8%
2012 13,150 8,838 67.2% 2012 24.3% 23.7% -0.3%
2013 11,503 7,663 66.6% 2013 -12.5% -13.3% -0.6%
2014 11,141 7,396 66.4% 2014 -3.1% -3.5% -0.2%
2015 13,302 8,583 64.5% 2015 19.4% 16.0% -1.9%
2016 13,556 8,889 65.6% 2016 1.9% 3.6% 1.0%
2017 12,059 7,574 62.8% 2017 -11.0% -14.8% -2.8%
2018 9,611 6,301 65.6% 2018 -20.3% -16.8% 2.8%
2019 11,602 7,420 64.0% 2019 20.7% 17.8% -1.6%
2020 13,341 8,366 62.7% 2020 15.0% 12.7% -1.2%
2021 13,001 8,116 62.4% 2021 -2.5% -3.0% -0.3%
Average 12,114 7,777 64.3%

Y/Y % Change -2.5% -3.0% -0.5%
5-Year CAGR 1.5% 1.4% -0.1%
10-Year CAGR -0.1% -0.8% -0.7%
Source: Refinitiv
months

US Municipal Bond Issuance – Bank Qualified
Issuance % Change Y/Y

Issuance Deal Size Issuance Deal Size
# Deals ($M) ($M) # Deals ($M) ($M)
2007 4,469 16,233.0 3.6
2008 4,169 15,267.6 3.7 2008 -6.7% -5.9% 0.8%
2009 5,992 33,028.6 5.5 2009 43.7% 116.3% 50.5%
2010 6,712 36,792.9 5.5 2010 12.0% 11.4% -0.6%
2011 5,155 18,827.8 3.7 2011 -23.2% -48.8% -33.4%
2012 6,352 25,120.9 4.0 2012 23.2% 33.4% 8.3%
2013 5,247 20,249.1 3.9 2013 -17.4% -19.4% -2.4%
2014 4,941 20,013.3 4.1 2014 -5.8% -1.2% 5.0%
2015 5,422 22,670.7 4.2 2015 9.7% 13.3% 3.2%
2016 5,358 22,838.8 4.3 2016 -1.2% 0.7% 1.9%
2017 4,217 17,662.0 4.2 2017 -21.3% -22.7% -1.7%
2018 3,070 11,962.7 3.9 2018 -27.2% -32.3% -7.0%
2019 3,702 14,901.2 4.0 2019 20.6% 24.6% 3.3%
2020 4,164 16,506.2 4.0 2020 12.5% 10.8% -1.5%
2021 3,839 15,381.5 4.0 2021 -7.8% -6.8% 1.1%
Average 4,854 20,497 4

Y/Y % Change -7.8% -6.8% 1.1%
5-Year CAGR -1.9% -2.7% -0.9%
10-Year CAGR -4.9% -4.8% 0.1%
Source: Refinitiv
Note: Deal size = average. Bank qualified municipal bonds are defined as short-term and long-term municipal bonds under the Tax Reform Act of 1986
(265b) where, when purchased by a commercial bank for its portfolio, the bank may deduct a portion of interest cost of carry for the position

US Corporate Bonds and Equity Issuance – Charts
US Corporate Bond & Equity Issuance ($T)

3.0
Corporate Bonds Equity
2.7
2.4
2.5
1.9
2.0 1.8 1.8 1.8
1.7 1.7 1.6
1.6
1.5
1.0
0.5
0.0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
US Initial Public Offerings ($B)

180
160 153.5
140
120
100 93.5
85.4
80
60.0
60 46.2 49.9 48.8
39.2
40 32.2
20.7
20
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Bloomberg, Dealogic, Refinitiv

Note: Corporates include underwritten, privately placed, and medium-term notes; US IPOs include rank eligible deals, exclude BDCs, SPACs, ETFs,
CLEFs and rights offers

US Corporate Bonds and Equity Issuance – Value

Corporates Equity Total Corporates Equity Total
2007 1,226.3 226.9 1,453.3
2008 759.3 256.4 1,015.6 2008 -38.1% 13.0% -30.1%
2009 975.7 264.9 1,240.6 2009 28.5% 3.3% 22.2%
2010 1,088.6 219.2 1,307.8 2010 11.6% -17.3% 5.4%
2011 1,047.4 184.9 1,232.3 2011 -3.8% -15.6% -5.8%
2012 1,394.7 264.6 1,659.3 2012 33.2% 43.1% 34.6%
2013 1,424.5 285.0 1,709.4 2013 2.1% 7.7% 3.0%
2014 1,481.1 304.0 1,785.1 2014 4.0% 6.7% 4.4%
2015 1,514.4 248.8 1,763.2 2015 2.2% -18.1% -1.2%
2016 1,550.7 203.0 1,753.7 2016 2.4% -18.4% -0.5%
2017 1,677.5 219.8 1,897.2 2017 8.2% 8.3% 8.2%
2018 1,377.6 221.6 1,599.2 2018 -17.9% 0.8% -15.7%
2019 1,418.2 228.1 1,646.3 2019 2.9% 2.9% 2.9%
2020 2,275.3 390.4 2,665.6 2020 60.4% 71.1% 61.9%
2021 1,958.3 436.2 2,394.5 2021 -13.9% 11.7% -10.2%
Average 1,411.3 263.6 1,674.9

Y/Y % Change -13.9% 11.7% -10.2%
5-Year CAGR 3.1% 14.7% 4.8%
10-Year CAGR 3.5% 5.1% 3.7%
Source: Bloomberg, Dealogic, Refinitiv

Note: Corporates include underwritten, privately placed, and medium-term notes; US IPOs include rank eligible deals, exclude BDCs, SPACs, ETFs,
CLEFs and rights offers

US Equity Issuance – Chart
US Equity Issuance
500
IPOs Secondaries Preferreds Total 436
450
390
400
350 304
285
300 265
249
220 222 228
250 203
200
150
100
50
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Dealogic
Note: Includes rank eligible deals, excludes BDCs, SPACs, ETFs, CLEFs and rights offers. IPO = initial public offering, secondaries = secondary
offerings or follow-ons, CS = common stock, preferreds = preferred stock

US Equity Issuance – Value
$ Billions
IPOs Secondaries Total CS Preferreds Total
2007 52.3 111.7 164.0 62.9 226.9
2008 26.7 174.9 201.6 54.7 256.4
2009 27.0 230.8 257.9 7.0 264.9
2010 43.5 169.5 213.0 6.2 219.2
2011 40.1 139.3 179.4 5.5 184.9
2012 46.2 183.7 230.0 34.6 264.6
2013 60.0 194.8 254.8 30.2 285.0
2014 93.5 171.9 265.4 38.5 304.0
2015 32.2 184.5 216.7 32.1 248.8
2016 20.7 157.3 178.1 25.0 203.0
2017 39.2 154.8 194.0 25.8 219.8
2018 49.9 154.6 204.5 17.2 221.6
2019 48.8 145.3 194.1 34.0 228.1
2020 85.4 258.4 343.8 46.6 390.4
2021 153.5 224.7 378.2 58.0 436.2
Average 54.6 177.1 231.7 31.9 263.6

Y/Y % Change 79.7% -13.0% 10.0% 24.4% 11.7%
5-Year CAGR 31.4% 7.7% 14.3% 17.6% 14.7%
10-Year CAGR 12.7% 2.0% 5.1% 5.3% 5.1%
% Change Y/Y
2008 -48.9% 56.5% 22.9% -13.0% 13.0%

2009 1.2% 32.0% 27.9% -87.2% 3.3%
2010 60.8% -26.6% -17.4% -11.4% -17.3%
2011 -7.6% -17.8% -15.7% -11.5% -15.6%
2012 15.2% 31.9% 28.2% 528.9% 43.1%
2013 29.7% 6.0% 10.8% -12.9% 7.7%
2014 55.9% -11.7% 4.2% 27.8% 6.7%
2015 -65.6% 7.3% -18.4% -16.6% -18.1%
2016 -35.5% -14.7% -17.8% -22.3% -18.4%
2017 89.2% -1.6% 8.9% 3.3% 8.3%
2018 27.1% -0.1% 5.4% -33.5% 0.8%
2019 -2.1% -6.0% -5.1% 98.0% 2.9%
2020 75.1% 77.8% 77.1% 37.1% 71.1%
2021 79.7% -13.0% 10.0% 24.4% 11.7%
Source: Dealogic

US Equity Issuance – Number of Issues: Chart
US Equity Issuance - Number of Deals

1,600
IPOs Secondaries Preferreds Total
1,391
1,400
1,157
1,200 1,100 1,076
972
1,000 901 916 886
824 794
800
600
400
200
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Dealogic

US Equity Issuance – Number of Issues - Value
Number of Deals
2007 215 465 680 90 770
2008 33 267 300 43 343
2009 63 653 716 14 730
2010 158 600 758 23 781
2011 124 502 626 37 663
2012 131 575 706 118 824
2013 215 782 997 103 1,100
2014 275 724 999 77 1,076
2015 153 701 854 47 901
2016 98 618 716 78 794
2017 154 728 882 90 972
2018 185 685 870 46 916
2019 151 653 804 82 886
2020 209 863 1,072 85 1,157
2021 393 897 1,290 101 1,391
Average 170 648 818 69 887

Y/Y % Change 88.0% 3.9% 20.3% 18.8% 20.2%
5-Year CAGR 20.6% 4.3% 7.9% 2.3% 7.4%
10-Year CAGR 11.6% 4.5% 6.2% -1.5% 5.4%
% Change Y/Y
2008 -84.7% -42.6% -55.9% -52.2% -55.5%

2009 90.9% 144.6% 138.7% -67.4% 112.8%
2010 150.8% -8.1% 5.9% 64.3% 7.0%
2011 -21.5% -16.3% -17.4% 60.9% -15.1%
2012 5.6% 14.5% 12.8% 218.9% 24.3%
2013 64.1% 36.0% 41.2% -12.7% 33.5%
2014 27.9% -7.4% 0.2% -25.2% -2.2%
2015 -44.4% -3.2% -14.5% -39.0% -16.3%
2016 -35.9% -11.8% -16.2% 66.0% -11.9%
2017 57.1% 17.8% 23.2% 15.4% 22.4%
2018 20.1% -5.9% -1.4% -48.9% -5.8%
2019 -18.4% -4.7% -7.6% 78.3% -3.3%
2020 38.4% 32.2% 33.3% 3.7% 30.6%
2021 88.0% 3.9% 20.3% 18.8% 20.2%
Source: Dealogic

US Private Placements – Value
$ Billions % Change Y/Y % of Total
Debt Equity Total Debt Equity Total Debt Equity

2007 491.5 33.6 525.1 2007 93.6% 6.4%
2008 112.0 53.1 165.1 2008 -77.2% 57.8% -68.6% 2008 67.8% 32.2%
2009 157.9 8.2 166.0 2009 41.0% -84.6% 0.6% 2009 95.1% 4.9%
2010 140.2 27.2 167.3 2010 -11.2% 233.2% 0.8% 2010 83.8% 16.2%
2011 114.4 25.5 139.9 2011 -18.4% -6.1% -16.4% 2011 81.8% 18.2%
2012 135.1 13.4 148.5 2012 18.1% -47.3% 6.2% 2012 91.0% 9.0%
2013 132.2 45.4 177.6 2013 -2.1% 238.1% 19.6% 2013 74.4% 25.6%
2014 130.9 7.8 138.7 2014 -0.9% -82.9% -21.9% 2014 94.4% 5.6%
2015 131.8 12.0 143.7 2015 0.6% 54.7% 3.6% 2015 91.7% 8.3%
2016 133.9 19.2 153.0 2016 1.6% 59.9% 6.5% 2016 87.5% 12.5%
2017 221.1 14.2 235.2 2017 65.1% -26.2% 53.7% 2017 94.0% 6.0%
2018 213.5 12.3 225.8 2018 -3.4% -13.4% -4.0% 2018 94.6% 5.4%
2019 283.0 20.3 303.3 2019 32.5% 65.5% 34.3% 2019 93.3% 6.7%
2020 314.3 15.8 330.1 2020 11.1% -22.1% 8.8% 2020 95.2% 4.8%
2021 415.1 18.3 433.4 2021 32.1% 15.8% 31.3% 2021 95.8% 4.2%
Average 208.4 21.7 230.2 Average 88.9% 11.1%
Y/Y % Change 32.1% 15.8% 31.3% Y/Y % Change 0.6% -0.6%
5-Year CAGR 13.4% 5.3% 13.0%
10-Year CAGR 11.9% 3.1% 11.3%
Source: Refinitiv
Note: Includes private placements in the U.S. from all issuers

US Private Placements – Number of Issues
Number of Deals % Change Y/Y % of Total
Debt Equity Total Debt Equity Total Debt Equity

2007 1,659 968 2,627 2007 63.2% 36.8%
2008 473 855 1,328 2008 -71.5% -11.7% -49.4% 2008 35.6% 64.4%
2009 495 523 1,018 2009 4.7% -38.8% -23.3% 2009 48.6% 51.4%
2010 535 650 1,185 2010 8.1% 24.3% 16.4% 2010 45.1% 54.9%
2011 482 546 1,028 2011 -9.9% -16.0% -13.2% 2011 46.9% 53.1%
2012 500 347 847 2012 3.7% -36.4% -17.6% 2012 59.0% 41.0%
2013 549 206 755 2013 9.8% -40.6% -10.9% 2013 72.7% 27.3%
2014 491 126 617 2014 -10.6% -38.8% -18.3% 2014 79.6% 20.4%
2015 481 192 673 2015 -2.0% 52.4% 9.1% 2015 71.5% 28.5%
2016 462 248 710 2016 -4.0% 29.2% 5.5% 2016 65.1% 34.9%
2017 601 102 703 2017 30.1% -58.9% -1.0% 2017 85.5% 14.5%
2018 581 42 623 2018 -3.3% -58.8% -11.4% 2018 93.3% 6.7%
2019 652 57 709 2019 12.2% 35.7% 13.8% 2019 92.0% 8.0%
2020 647 55 702 2020 -0.8% -3.5% -1.0% 2020 92.2% 7.8%
2021 810 35 845 2021 25.2% -36.4% 20.4% 2021 95.9% 4.1%
Average 628 330 958 Average 69.7% 30.3%
Y/Y % Change 25.2% -36.4% 20.4% Y/Y % Change 3.7% -3.7%
5-Year CAGR 6.2% -19.3% 3.7%
10-Year CAGR 4.9% -20.5% 0.0%
Source: Refinitiv
Note: Includes private placements in the U.S. from all issuers

US Fixed Income Securities Average Daily Trading Volume (ADV)

UST MBS Corporates Munis Agency ABS UST MBS Corporates Munis Agency ABS
2007 566.0 320.1 16.4 26.5 - -
2008 553.3 344.9 14.3 21.8 - - 2008 -2.2% 7.7% -12.6% -17.8%
2009 409.8 299.9 19.9 15.0 - - 2009 -25.9% -13.1% 39.2% -31.0%
2010 523.8 320.6 20.5 14.9 11.5 - 2010 27.8% 6.9% 2.5% -1.1%
2011 571.0 249.5 20.6 13.0 9.9 1.5 2011 9.0% -22.2% 1.0% -12.6% -13.4%
2012 519.5 284.4 22.6 12.8 10.7 1.5 2012 -9.0% 14.0% 9.5% -1.6% 7.8% 3.6%
2013 546.5 225.9 24.7 12.4 7.3 1.3 2013 5.2% -20.6% 9.2% -3.3% -31.9% -15.7%
2014 505.0 181.1 26.7 11.0 6.0 1.5 2014 -7.6% -19.8% 8.1% -11.1% -17.1% 16.9%
2015 490.0 195.3 27.9 9.6 5.2 1.4 2015 -3.0% 7.9% 4.7% -12.8% -13.2% -4.4%
2016 519.1 212.3 30.0 12.4 5.4 1.3 2016 5.9% 8.7% 7.4% 29.6% 3.0% -7.6%
2017 505.2 211.0 30.9 11.9 4.2 1.4 2017 -2.7% -0.6% 3.1% -4.6% -23.2% 6.5%
2018 547.8 220.6 31.5 12.3 3.5 1.4 2018 8.4% 4.5% 1.9% 3.3% -15.9% 0.4%
2019 593.6 250.4 34.3 12.0 4.2 1.5 2019 8.4% 13.5% 8.7% -2.5% 19.3% 7.5%
2020 603.2 293.0 38.9 12.4 5.3 1.9 2020 1.6% 17.0% 13.7% 3.8% 28.3% 23.2%
2021 624.1 280.7 37.0 9.0 3.2 1.4 2021 3.5% -4.2% -5.0% -27.8% -39.6% -26.5%
Average 538.5 259.3 26.4 13.8 6.4 1.5

Y/Y % Change 3.5% -4.2% -5.0% -27.8% -39.6% -26.5%
5-Year CAGR 4.3% 5.9% 3.6% -5.5% -4.9% -0.4%
10-Year CAGR 1.9% -0.1% 5.0% -3.5% -11.3% -1.0%
Source: Federal Reserve Bank of New York, Municipal Securities Rulemaking Board, FINRA TRACE
Note: UST = U.S. Treasuries, trading volumes from U.S. primary dealers. MBS = mortgage-backed securities; starting in 2011 includes non-agency MBS
and CMBS, daily figures include 144A trades but not subcategories with <5 trades per day; new issue transactions sometimes included. Corporates =
corporate bonds, include public and 144A trades. Munis = municipal securities, annual daily average figures. Agency = federal agency securities. ABS =
asset-backed securities; do not include CMBS but do include CDOs and other, daily figures include 144A trades but not subcategories with <5 trades
per day, new issue transactions sometimes included

US Municipal Bond Average Daily Trading – Dollar Volume
$ Millions % Change Y/Y

Retail Institutional Total Retail Institutional Total
2007 967.8 25,560.6 26,528.4
2008 1,209.1 20,587.0 21,796.1 2008 24.9% -19.5% -17.8%
2009 1,107.2 13,937.9 15,045.1 2009 -8.4% -32.3% -31.0%
2010 1,101.3 13,778.8 14,880.1 2010 -0.5% -1.1% -1.1%
2011 1,084.7 11,925.9 13,010.6 2011 -1.5% -13.4% -12.6%
2012 1,028.8 11,772.0 12,800.8 2012 -5.2% -1.3% -1.6%
2013 1,119.6 11,260.6 12,380.2 2013 8.8% -4.3% -3.3%
2014 928.3 10,076.6 11,004.9 2014 -17.1% -10.5% -11.1%
2015 979.2 8,616.8 9,596.0 2015 5.5% -14.5% -12.8%
2016 992.9 11,448.0 12,440.9 2016 1.4% 32.9% 29.6%
2017 1,048.5 10,824.7 11,873.2 2017 5.6% -5.4% -4.6%
2018 1,080.4 11,186.2 12,266.6 2018 3.0% 3.3% 3.3%
2019 893.7 11,066.9 11,960.6 2019 -17.3% -1.1% -2.5%
2020 834.2 11,575.5 12,409.7 2020 -6.7% 4.6% 3.8%
2021 747.2 8,217.6 8,964.8 2021 -30.8% -26.5% -26.9%
Average 1,008.2 12,789.0 13,797.2

Y/Y % Change -10.4% -29.0% -27.8%
5-Year CAGR -6.6% -5.4% -5.5%
10-Year CAGR -3.1% -3.5% -3.5%
% of Total
Retail Institutional
2007 3.6% 96.4%
2008 5.5% 94.5%
2009 7.4% 92.6%
2010 7.4% 92.6%
2011 8.3% 91.7%
2012 8.0% 92.0%
2013 9.0% 91.0%
2014 8.4% 91.6%
2015 10.2% 89.8%
2016 8.0% 92.0%
2017 8.8% 91.2%
2018 8.8% 91.2%
2019 7.5% 92.5%
2020 6.7% 93.3%
2021 8.3% 91.7%
Average 7.7% 92.3%

Y/Y % Change 1.6% -1.6%
Source: Municipal Securities Rulemaking Board

Note: Institutional trades defined as trade sizes greater than $100,000

US Municipal Bond Average Daily Trading – Number of Trades
Number of Trades % Change Y/Y

Retail Institutional Total Retail Institutional Total
2007 25,417 11,020 36,437
2008 32,854 10,533 43,387 2008 29.3% -4.4% 19.1%
2009 33,304 7,805 41,109 2009 1.4% -25.9% -5.3%
2010 33,941 7,716 41,657 2010 1.9% -1.1% 1.3%
2011 34,026 7,215 41,241 2011 0.3% -6.5% -1.0%
2012 31,148 7,396 38,544 2012 -8.5% 2.5% -6.5%
2013 35,008 7,180 42,188 2013 12.4% -2.9% 9.5%
2014 28,764 6,596 35,360 2014 -17.8% -8.1% -16.2%
2015 29,921 6,814 36,735 2015 4.0% 3.3% 3.9%
2016 29,712 7,422 37,134 2016 -0.7% 8.9% 1.1%
2017 31,745 7,652 39,397 2017 6.8% 3.1% 6.1%
2018 32,638 7,736 40,374 2018 2.8% 1.1% 2.5%
2019 27,252 7,486 34,738 2019 -16.5% -3.2% -14.0%
2020 26,199 7,404 33,603 2020 -3.9% -1.1% -3.3%
2021 24,253 6,094 30,347 2021 -7.4% -17.7% -9.7%
Average 30,412 7,738 38,150

Y/Y % Change -7.4% -17.7% -9.7%
5-Year CAGR -5.2% -4.5% -5.1%
10-Year CAGR -2.5% -1.9% -2.4%
% of Total
Retail Institutional
2007 69.8% 30.2%
2008 75.7% 24.3%
2009 81.0% 19.0%
2010 81.5% 18.5%
2011 82.5% 17.5%
2012 80.8% 19.2%
2013 83.0% 17.0%
2014 81.3% 18.7%
2015 81.5% 18.5%
2016 80.0% 20.0%
2017 80.6% 19.4%
2018 80.8% 19.2%
2019 78.5% 21.5%
2020 78.0% 22.0%
2021 79.9% 20.1%
Average 79.7% 20.3%

Y/Y % Change 2.0% -2.0%
Source: Municipal Securities Rulemaking Board

Note: Institutional trades defined as trade sizes greater than $100,000

US Equity Markets Average Daily Trading Volume (ADV) – Charts
U.S. Equity Markets ADV (B of shares)

12 NYSE Nasdaq Regional 11.4
10.9
10
8 7.3 7.3
6.9 7.0
6.4 6.4 6.5
6.2
6
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
U.S. Equity Markets ADV ($B)

600 NYSE Nasdaq Regional 565
479
500
400 357
322
278 273 271
300 260
211 223
200
100
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Cboe Global Markets

US Equity Markets Average Daily Trading Volume (ADV) – Dollar Volume
Dollar Volume ($ Billions) % Change Y/Y

NYSE Regional Nasdaq Total NYSE Regional Nasdaq Total
2009 111.1 67.7 41.7 220.5
2010 117.3 66.5 50.8 234.6 2010 5.6% -1.8% 21.9% 6.4%
2011 121.2 76.7 55.2 253.1 2011 3.3% 15.4% 8.7% 7.9%
2012 102.7 54.7 53.5 210.8 2012 -15.3% -28.7% -3.2% -16.7%
2013 108.0 58.2 56.4 222.7 2013 5.3% 6.5% 5.5% 5.6%
2014 124.9 64.0 70.8 259.8 2014 15.6% 10.1% 25.5% 16.7%
2015 131.2 71.6 75.4 278.2 2015 5.0% 11.7% 6.5% 7.1%
2016 129.0 72.4 71.5 272.9 2016 -1.7% 1.2% -5.2% -1.9%
2017 126.4 61.3 83.4 271.2 2017 -2.0% -15.3% 16.7% -0.6%
2018 149.5 86.3 121.1 356.9 2018 18.2% 40.8% 45.1% 31.6%
2019 137.9 75.2 108.6 321.7 2019 -7.7% -12.9% -10.3% -9.8%
2020 175.8 104.6 199.0 479.4 2020 27.5% 39.2% 83.2% 49.0%
2021 205.3 112.3 247.1 564.7 2021 48.8% 49.4% 127.4% 75.5%
Average 133.9 74.7 95.0 303.6

Y/Y % Change 16.8% 7.3% 24.2% 17.8%
5-Year CAGR 10.2% 12.9% 24.3% 15.8%
10-Year CAGR 7.2% 7.5% 16.5% 10.4%

US Equity Markets Average Daily Trading Volume (ADV) – Share Volume
Share Volume (Billions of Shares) % Change Y/Y

NYSE Regional Nasdaq Total NYSE Regional Nasdaq Total
2009 5.6 1.9 2.2 9.8
2010 4.8 1.5 2.2 8.5 2010 -14.4% -23.0% -1.9% -13.2%
2011 4.3 1.5 2.0 7.8 2011 -10.1% 1.3% -7.8% -7.5%
2012 3.6 1.1 1.7 6.4 2012 -16.3% -28.5% -13.5% -17.9%
2013 3.4 1.1 1.8 6.2 2013 -7.4% 0.7% 0.7% -3.9%
2014 3.4 1.1 2.0 6.4 2014 -0.1% 3.6% 10.8% 3.7%
2015 3.7 1.4 1.9 6.9 2015 8.9% 23.4% -3.1% 7.8%
2016 3.9 1.5 1.9 7.3 2016 6.6% 13.4% 0.7% 6.3%
2017 3.4 1.2 1.9 6.5 2017 -12.4% -22.7% 0.7% -11.2%
2018 3.6 1.4 2.3 7.3 2018 6.3% 20.9% 17.3% 12.2%
2019 3.6 1.3 2.1 7.0 2019 -2.1% -7.7% -4.6% -4.0%
2020 4.9 2.0 4.0 10.9 2020 38.3% 50.2% 86.9% 55.4%
2021 4.4 1.9 5.1 11.4 2021 24.1% 40.6% 138.7% 62.2%
Average 4.1 1.4 2.4 7.9

Y/Y % Change -10.3% -6.4% 27.7% 4.4%
5-Year CAGR 5.2% 9.4% 21.7% 11.8%
10-Year CAGR 2.0% 5.9% 11.3% 5.9%

US Equity Markets Average Daily Trading Volume (ADV) – NYSE Listed
NYSE-listed stocks % Change Y/Y

Annual Volume Annual ADV (M Annual Volume Annual ADV (M
(M shares) Value ($B) shares) ADV ($B) (M shares) Value ($B) shares) ADV ($B)
2007
2008
2009 1,420,980 27,997.2 5,638.8 111.1
2010 1,216,841 29,563.7 4,828.7 117.3
2011 1,094,332 30,543.8 4,342.6 121.2 2011 -10.1% 3.3% -10.1% 3.3%
2012 908,892 25,663.6 3,635.6 102.7 2012 -16.9% -16.0% -16.3% -15.3%
2013 848,098 27,227.2 3,365.5 108.0 2013 -6.7% 6.1% -7.4% 5.3%
2014 847,594 31,475.1 3,363.5 124.9 2014 -0.1% 15.6% -0.1% 15.6%
2015 923,306 33,055.9 3,663.9 131.2 2015 8.9% 5.0% 8.9% 5.0%
2016 984,312 32,510.2 3,906.0 129.0 2016 6.6% -1.7% 6.6% -1.7%
2017 858,465 31,738.4 3,420.2 126.4 2017 -12.8% -2.4% -12.4% -2.0%
2018 912,322 37,583.6 3,634.7 149.5 2018 6.3% 18.4% 6.3% 18.2%
2019 896,773 34,756.3 3,558.6 137.9 2019 -1.7% -7.5% -2.1% -7.7%
2020 1,245,381 44,481.4 4,922.5 175.8 2020 38.9% 28.0% 38.3% 27.5%
2021 1,113,121 51,734.3 4,417.1 205.3 2021 -10.6% 16.3% -10.3% 16.8%
Average 1,020,801 33,717.7 4,053.7 133.9

Y/Y % Change -10.6% 16.3% -10.3% 16.8%
5-Year CAGR 5.3% 10.3% 5.2% 10.2%
10-Year CAGR 2.0% 7.3% 2.0% 7.2%
Source: Cboe Global Markets, Nasdaq

US Equity Markets Average Daily Trading Volume (ADV) – Nasdaq Listed
Nasdaq-listed stocks % Change Y/Y

Annual Volume Annual ADV (M Annual Volume Annual ADV (M
(M shares) Value ($B) shares) ADV ($B) (M shares) Value ($B) shares) ADV ($B)
2007 537,263 15,116 2,132.0 60.0
2008 580,909 15,105 2,296.1 59.7 2008 8.1% -0.1% 7.7% -0.5%
2009 563,398 10,512 2,235.7 41.7 2009 -3.0% -30.4% -2.6% -30.1%
2010 552,466 12,811 2,192.3 50.8 2010 -1.9% 21.9% -1.9% 21.9%
2011 509,523 13,920 2,021.9 55.2 2011 -7.8% 8.7% -7.8% 8.7%
2012 437,352 13,373 1,749.4 53.5 2012 -14.2% -3.9% -13.5% -3.2%
2013 444,114 14,223 1,762.4 56.4 2013 1.5% 6.4% 0.7% 5.5%
2014 492,188 17,852 1,953.1 70.8 2014 10.8% 25.5% 10.8% 25.5%
2015 477,058 19,010 1,893.1 75.4 2015 -3.1% 6.5% -3.1% 6.5%
2016 480,484 18,015 1,906.7 71.5 2016 0.7% -5.2% 0.7% -5.2%
2017 481,993 20,935 1,920.3 83.4 2017 0.3% 16.2% 0.7% 16.7%
2018 565,173 30,407 2,251.7 121.1 2018 17.3% 45.2% 17.3% 45.1%
2019 541,092 27,375 2,147.2 108.6 2019 -4.3% -10.0% -4.6% -10.3%
2020 1,015,287 50,345 4,013.0 199.0 2020 87.6% 83.9% 86.9% 83.2%
2021 1,291,449 62,259 5,124.8 247.1 2021 27.2% 23.7% 27.7% 24.2%
Average 597,983 22,750.4 2,373.3 90.3

Y/Y % Change 27.2% 23.7% 27.7% 24.2%
5-Year CAGR 21.8% 24.4% 21.7% 24.3%
10-Year CAGR 11.4% 16.6% 11.3% 16.5%
Source: Cboe Global Markets, Nasdaq

Futures Contracts Traded on US Exchanges
Millions
Equity Individual Interest Precious Non-Precious

Agriculture Currency Energy Index Equity Rates Metals Metals Other Total
2007 193.3 143.0 240.9 676.9 7.9 1,333.1 44.1 3.8 1.5 2,644.6
2008 215.4 155.8 285.9 904.9 3.7 1,213.1 56.2 4.6 13.0 2,852.5
2009 196.6 156.3 313.1 744.7 2.7 854.6 48.8 6.4 4.8 2,328.1
2010 239.5 229.0 350.6 740.6 4.8 1,123.0 63.8 10.4 3.1 2,764.8
2011 265.9 231.6 374.1 813.9 3.6 1,277.6 76.3 12.6 1.0 3,056.5
2012 280.7 210.7 428.3 650.8 6.4 1,008.3 63.7 16.2 0.9 2,666.0
2013 264.5 208.9 627.4 663.0 6.7 1,202.0 68.6 17.2 0.9 3,059.3
2014 273.9 186.0 553.8 675.0 8.0 1,401.9 60.2 14.7 1.1 3,174.8
2015 315.8 212.0 619.7 667.3 8.8 1,312.5 61.3 17.3 1.5 3,216.3
2016 333.4 205.4 746.6 731.0 9.7 1,440.4 82.9 21.9 1.7 3,573.0
2017 342.0 220.0 778.8 639.6 12.2 1,524.8 103.8 27.4 2.7 3,651.4
2018 382.4 243.8 751.1 816.6 5.9 1,900.5 113.6 33.1 2.9 4,249.9
2019 383.1 211.9 694.9 822.0 6.3 1,911.5 124.6 24.4 2.7 4,181.3
2020 375.8 217.5 713.2 1,358.9 2.5 1,572.7 134.8 24.9 2.1 4,402.4
2021 345.9 207.1 646.0 1,303.3 0.0 1,819.0 100.1 25.3 2.3 4,449.0
Average 293.9 202.6 541.6 813.9 6.0 1,393.0 80.2 17.3 2.8 3,351.3
Y/Y % Change -8.0% -4.7% -9.4% -4.1% -100.0% 15.7% -25.7% 1.6% 9.7% 1.1%
5-Year CAGR 0.2% -1.2% -3.7% 15.3% -100.0% 3.6% -0.7% -1.6% -3.5% 4.0%
10-Year CAGR 2.1% -0.2% 4.2% 7.2% -100.0% 6.1% 4.6% 4.5% 10.1% 5.3%
% Change Y/Y

2008 11.4% 8.9% 18.7% 33.7% -53.0% -9.0% 27.3% 23.3% 743.1% 7.9%
2009 -8.7% 0.3% 9.5% -17.7% -26.4% -29.6% -13.2% 38.6% -62.6% -18.4%
2010 21.8% 46.5% 12.0% -0.5% 76.1% 31.4% 30.9% 61.3% -36.7% 18.8%
2011 11.0% 1.1% 6.7% 9.9% -24.2% 13.8% 19.6% 21.3% -68.5% 10.6%
2012 5.6% -9.0% 14.5% -20.0% 76.6% -21.1% -16.6% 29.2% -10.2% -12.8%
2013 -5.8% -0.9% 46.5% 1.9% 4.8% 19.2% 7.8% 6.1% 3.3% 14.8%
2014 3.5% -11.0% -11.7% 1.8% 18.8% 16.6% -12.3% -14.7% 25.6% 3.8%
2015 15.3% 14.0% 11.9% -1.1% 9.8% -6.4% 1.9% 17.3% 32.2% 1.3%
2016 5.6% -3.1% 20.5% 9.5% 10.2% 9.7% 35.2% 27.1% 12.5% 11.1%
2017 2.6% 7.1% 4.3% -12.5% 26.1% 5.9% 25.1% 25.0% 61.1% 2.2%
2018 11.8% 10.8% -3.6% 27.7% -51.5% 24.6% 9.5% 20.8% 8.1% 16.4%
2019 0.2% -13.1% -7.5% 0.7% 5.3% 0.6% 9.7% -26.1% -8.2% -1.6%
2020 -1.9% 2.7% 2.6% 65.3% -60.3% -17.7% 8.2% 1.8% -23.0% 5.3%
2021 -8.0% -4.7% -9.4% -4.1% -100.0% 15.7% -25.7% 1.6% 9.7% 1.1%
Source: Futures Industry Association

Options Contracts Traded on US Exchanges
Millions

2007 43.4 6.5 71.1 522.1 2,379.1 417.7 4.9 0.0 1.5 3,446.4
2008 56.7 11.2 79.1 336.7 3,284.8 326.4 6.1 0.0 0.5 4,101.5
2009 43.3 6.2 64.5 276.1 3,367.0 223.9 5.8 0.0 0.3 3,987.1
2010 56.0 11.9 71.3 328.3 3,610.4 268.7 9.4 0.0 0.3 4,356.5
2011 68.1 10.9 74.2 398.7 4,224.6 274.0 12.4 0.0 0.2 5,063.2
2012 70.6 11.0 84.3 381.6 3,681.8 227.8 11.5 0.0 0.2 4,468.9
2013 61.9 16.3 119.5 1,930.2 2,273.8 285.9 13.1 0.1 0.1 4,700.8
2014 69.0 18.8 104.6 2,054.2 2,342.9 364.9 10.8 0.0 0.1 4,965.5
2015 75.1 24.7 117.4 2,105.3 2,180.3 388.2 9.1 0.1 0.1 4,900.2
2016 76.0 23.5 126.3 2,251.0 1,975.5 454.3 11.7 0.1 0.1 4,918.6
2017 70.5 26.7 131.6 2,269.1 2,092.1 531.2 11.8 0.2 0.1 5,133.3
2018 79.2 27.8 117.0 2,781.9 2,565.7 607.7 14.4 0.4 0.1 6,194.1
2019 77.6 20.4 89.7 2,422.9 2,641.0 696.4 19.2 0.7 0.2 5,968.0
2020 75.6 21.3 108.9 3,212.1 4,438.3 459.6 17.5 0.4 0.0 8,333.8
2021 82.6 21.3 101.8 3,395.1 6,668.8 499.9 12.4 0.8 0.1 10,782.7
Average 67.1 17.2 97.4 1,644.3 3,181.7 401.8 11.3 0.2 0.3 5,421.4
Y/Y % Change 9.2% -0.2% -6.5% 5.7% 50.3% 8.8% -28.9% 71.6% 165.2% 29.4%
5-Year CAGR 3.2% -4.5% -5.0% 8.4% 26.1% -1.2% 1.0% 36.0% -0.4% 16.0%
10-Year CAGR 1.6% 6.8% 1.9% 24.4% 6.1% 8.2% 0.8% 35.4% -5.8% 9.2%
% Change Y/Y

2008 30.6% 73.3% 11.1% -35.5% 38.1% -21.9% -7.8% 24.3% -63.1% 19.0%
2009 -23.7% -45.3% -18.4% -18.0% 2.5% -31.4% -17.7% -4.8% -41.0% -2.8%
2010 29.4% 93.8% 10.5% 18.9% 7.2% 20.0% -1.2% 61.2% 2.2% 9.3%
2011 21.4% -8.3% 4.2% 21.4% 17.0% 2.0% -11.6% 32.1% -27.2% 16.2%
2012 3.7% 1.0% 13.5% -4.3% -12.8% -16.9% 127.0% -7.4% -34.1% -11.7%
2013 -12.3% 47.3% 41.8% 405.8% -38.2% 25.5% 49.9% 14.0% -23.0% 5.2%
2014 11.5% 15.7% -12.5% 6.4% 3.0% 27.6% -9.5% -17.9% 4.2% 5.6%
2015 8.7% 31.4% 12.2% 2.5% -6.9% 6.4% 135.5% -15.7% -9.0% -1.3%
2016 1.3% -4.8% 7.6% 6.9% -9.4% 17.0% 3.0% 28.6% -35.9% 0.4%
2017 -7.3% 13.7% 4.2% 0.8% 5.9% 16.9% 35.8% 1.4% 19.6% 4.4%
2018 12.4% 3.8% -11.1% 22.6% 22.6% 14.4% 121.8% 21.7% -7.2% 20.7%
2019 -2.0% -26.4% -23.4% -12.9% 2.9% 14.6% 97.7% 33.4% 85.3% -3.6%
2020 -2.5% 4.3% 21.4% 32.6% 68.1% -34.0% -38.3% -9.0% -78.5% 39.6%
2021 9.2% -0.2% -6.5% 5.7% 50.3% 8.8% 71.6% -28.9% 165.2% 29.4%
Source: Futures Industry Association

US Equity Market Index Prices
Value (At Year-End) % Change Y/Y

DJIA S&P 500 Nasdaq Russell 2000 DJIA S&P 500 Nasdaq Russell 2000
2007 13,264.82 1,468.36 2,652.28 766.04
2008 8,776.39 903.25 1,577.03 499.45 2008 -33.8% -38.5% -40.5% -34.8%
2009 10,428.05 1,115.10 2,269.15 625.39 2009 18.8% 23.5% 43.9% 25.2%
2010 11,577.51 1,257.64 2,652.87 783.65 2010 11.0% 12.8% 16.9% 25.3%
2011 12,217.56 1,257.61 2,605.15 740.92 2011 5.5% 0.0% -1.8% -5.5%
2012 13,104.14 1,426.19 3,019.51 849.35 2012 7.3% 13.4% 15.9% 14.6%
2013 16,576.66 1,848.36 4,176.59 1,163.64 2013 26.5% 29.6% 38.3% 37.0%
2014 17,823.07 2,058.90 4,736.05 1,204.70 2014 7.5% 11.4% 13.4% 3.5%
2015 17,425.03 2,043.94 5,007.41 1,135.89 2015 -2.2% -0.7% 5.7% -5.7%
2016 19,762.60 2,238.83 5,383.12 1,357.13 2016 13.4% 9.5% 7.5% 19.5%
2017 24,719.22 2,673.61 6,903.39 1,535.51 2017 25.1% 19.4% 28.2% 13.1%
2018 23,327.46 2,506.85 6,635.28 1,348.56 2018 -5.6% -6.2% -3.9% -12.2%
2019 28,538.44 3,230.78 8,972.60 1,668.47 2019 22.3% 28.9% 35.2% 23.7%
2020 30,606.48 3,756.07 12,888.28 1,974.86 2020 7.2% 16.3% 43.6% 18.4%
2021 36,338.30 4,766.81 16,320.08 2,245.31 2021 18.7% 26.9% 26.6% 13.7%
Average 18,965.7 2,170.2 5,719.9 1,193.3

Y/Y % Change 18.7% 26.9% 26.6% 13.7%
5-Year CAGR 8.0% 12.3% 18.8% 7.9%
10-Year CAGR 10.7% 12.8% 18.4% 10.2%
Source: Bloomberg
Note: DJIA = Dow Jones Industrial Average

US Interest Rates and Bond Yields
Annual Average %
Aaa Baa 20Y HG
3M UST 2Y UST 10Y UST 30Y UST Corporates Corporates Munis Prime Fed Funds
2007 4.4810 4.3648 4.6347 4.8383 5.56 6.48 4.42 8.05 5.03
2008 1.3969 2.0113 3.6643 4.2775 5.63 7.44 4.80 5.07 1.94
2009 0.1509 0.9585 3.2641 4.0766 5.31 7.29 4.64 3.25 0.16
2010 0.1384 0.7033 3.2151 4.2511 4.94 6.04 4.16 3.25 0.18
2011 0.0528 0.4494 2.7816 3.9108 4.64 5.66 4.29 3.25 0.10
2012 0.0876 0.2762 1.8034 2.9217 3.67 4.94 3.25 3.25 0.14
2013 0.0571 0.3071 2.3502 3.4462 4.23 5.10 3.96 3.25 0.11
2014 0.0327 0.4621 2.5396 3.3382 4.16 4.85 3.78 3.25 0.09
2015 0.0525 0.6868 2.1383 2.8410 3.89 5.00 3.48 3.26 0.13
2016 0.3194 0.8342 1.8374 2.5944 3.66 4.71 3.07 3.51 0.39
2017 0.9490 1.3992 2.3295 2.8940 3.74 4.44 3.36 4.10 1.00
2018 1.9717 2.5271 2.9112 3.1116 3.93 4.80 3.53 4.90 1.83
2019 2.1058 1.9688 2.1414 2.5804 3.39 4.37 3.38 5.29 2.16
2020 0.3603 0.3886 0.8892 1.5561 2.48 3.60 2.41 3.53 0.36
2021 0.0449 0.2655 1.4469 2.0556 2.71 3.40 2.01 3.25 0.08
Average 81.34% 117.35% 252.98% 324.62% 412.89% 520.83% 363.52% 403.09% 91.41%
Y/Y % Change -87.5% -31.7% 62.7% 32.1% 9.3% -5.8% -16.7% -7.9% -78.3%
5-Year CAGR -45.7% -28.3% -9.1% -6.6% -6.3% -5.2% -9.8% -4.5% -39.9%
10-Year CAGR -6.5% -0.4% -2.2% -3.5% -3.0% -3.7% -4.7% 0.0% -5.7%
Y/Y Change (pps)

Aaa Baa 20Y HG
3M UST 2Y UST 10Y UST 30Y UST Corporates Corporates Munis Prime Fed Funds
2008 (3.0841) (2.3535) (0.9704) (0.5608) 0.07 0.96 0.38 (2.98) (3.09)
2009 (1.2459) (1.0528) (0.4001) (0.2009) (0.31) (0.15) (0.16) (1.82) (1.78)
2010 (0.0125) (0.2551) (0.0491) 0.1744 (0.37) (1.25) (0.48) 0.00 0.02
2011 (0.0856) (0.2540) (0.4334) (0.3403) (0.30) (0.38) 0.13 0.00 (0.08)
2012 0.0348 (0.1732) (0.9782) (0.9891) (0.97) (0.72) (1.04) 0.00 0.04
2013 (0.0305) 0.0309 0.5467 0.5245 0.56 0.16 0.71 0.00 (0.03)
2014 (0.0244) 0.1550 0.1894 (0.1080) (0.07) (0.25) (0.18) 0.00 (0.02)
2015 0.0198 0.2247 (0.4013) (0.4972) (0.27) 0.15 (0.30) 0.01 0.05
2016 0.2669 0.1474 (0.3008) (0.2466) (0.23) (0.29) (0.41) 0.25 0.26
2017 0.6296 0.5650 0.4920 0.2996 0.08 (0.27) 0.29 0.59 0.61
2018 1.0227 1.1279 0.5818 0.2175 0.19 0.36 0.17 0.81 0.83
2019 0.1341 (0.5583) (0.7698) (0.5312) (0.54) (0.43) (0.15) 0.39 0.33
2020 (1.7455) (1.5802) (1.2522) (1.0243) (0.91) (0.77) (0.97) (1.76) (1.80)
2021 (0.3154) (0.1232) 0.5576 0.4994 0.23 (0.21) (0.40) (0.28) (0.28)
Source: Federal Reserve Board, St. Louis Federal Reserve Bank, S&P Dow Jones Indices
Note: UST = U.S. Treasuries. HG = high grade. Rated by Moody's = Aaa, Baa corporates. Rated by S&P = 20Y HG munis. Prime = the interest rate
banks lend to customers with good credit

US Mutual Funds: Total Net Assets – Chart
30
US Mutual Fund Net Assets ($T)
27.0
25 23.9
21.3
20 18.8
17.7
15.9 15.6 16.3
15.0
15 13.0
12.0
11.1 11.8 11.6
9.6
10
0
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Source: Investment Company Institute

Note: Data for funds that invest primarily in other mutual funds were excluded

US Mutual Funds: Total Net Assets – Value

Equity Hybrid Bond MM Total Equity Hybrid Bond MM Total
2007 6,412.6 821.5 1,675.6 3,085.5 11,995.2
2008 3,651.5 562.2 1,569.7 3,832.2 9,615.5 2008 -43.1% -31.6% -6.3% 24.2% -19.8%
2009 4,867.1 717.3 2,204.0 3,315.9 11,104.3 2009 33.3% 27.6% 40.4% -13.5% 15.5%
2010 5,590.2 841.7 2,589.2 2,803.5 11,824.6 2010 14.9% 17.3% 17.5% -15.5% 6.5%
2011 5,207.5 883.4 2,842.6 2,690.9 11,624.3 2011 -6.8% 5.0% 9.8% -4.0% -1.7%
2012 5,932.2 1,031.7 3,389.1 2,693.2 13,046.1 2012 13.9% 16.8% 19.2% 0.1% 12.2%
2013 7,753.9 1,283.8 3,283.7 2,717.8 15,039.2 2013 30.7% 24.4% -3.1% 0.9% 15.3%
2014 8,305.5 1,378.3 3,458.6 2,724.6 15,867.1 2014 7.1% 7.4% 5.3% 0.3% 5.5%
2015 8,140.5 1,340.6 3,411.9 2,754.7 15,647.7 2015 -2.0% -2.7% -1.4% 1.1% -1.4%
2016 8,567.0 1,399.1 3,648.1 2,728.1 16,342.3 2016 5.2% 4.4% 6.9% -1.0% 4.4%
2017 10,291.4 1,546.2 4,065.2 2,847.3 18,750.0 2017 20.1% 10.5% 11.4% 4.4% 14.7%
2018 9,216.4 1,383.2 4,060.9 3,037.0 17,697.5 2018 -10.4% -10.5% -0.1% 6.7% -5.6%
2019 11,362.3 1,578.3 4,704.1 3,632.0 21,276.8 2019 23.3% 14.1% 15.8% 19.6% 20.2%
2020 12,716.7 1,619.4 5,213.8 4,333.3 23,883.1 2020 11.9% 2.6% 10.8% 19.3% 12.2%
2021 14,715.2 1,868.7 5,624.9 4,755.7 26,964.5 2021 15.7% 15.4% 7.9% 9.7% 12.9%
Average 8,182.0 1,217.0 3,449.4 3,196.8 16,045.2

Y/Y % Change 15.7% 15.4% 7.9% 9.7% 12.9%
5-Year CAGR 7.4% 3.9% 6.7% 10.8% 7.5%
10-Year CAGR 9.5% 6.1% 5.2% 5.9% 7.5%

Note: Data for funds that invest primarily in other mutual funds were excluded. MM = money market

US Mutual Funds: Net New Cash Flows

Equity Hybrid Bond MM Total Equity Hybrid Bond MM Total
2007 73.2 40.4 110.6 654.3 878.4
2008 -216.5 -25.6 31.2 637.7 426.7 2008 -395.7% -163.5% -71.8% -2.5% -51.4%
2009 2.1 19.6 371.4 -539.2 -146.0 2009 101.0% 176.5% 1090.9% -184.5% -134.2%
2010 -24.8 35.5 232.4 -525.1 -282.0 2010 -1282.4% 80.7% -37.4% 2.6% -93.1%
2011 -130.0 39.6 118.0 -124.1 -96.5 2011 -423.5% 11.7% -49.2% 76.4% 65.8%
2012 -152.7 46.2 306.5 -0.2 199.8 2012 -17.4% 16.6% 159.7% 99.9% 307.1%
2013 159.2 74.7 -71.2 15.1 177.8 2013 204.2% 61.7% -123.2% 8601.1% -11.0%
2014 25.0 30.4 43.9 6.2 105.6 2014 -84.3% -59.3% 161.7% -58.8% -40.6%
2015 -75.8 -19.0 -24.9 21.5 -98.2 2015 -402.6% -162.4% -156.8% 244.2% -193.0%
2016 -258.3 -41.8 107.0 -30.2 -223.4 2016 -240.9% -120.2% 528.9% -240.9% -127.4%
2017 -159.6 -28.4 259.7 106.9 178.5 2017 38.2% 32.0% 142.8% 453.4% 179.9%
2018 -256.9 -91.2 2.1 158.8 -187.2 2018 -60.9% -220.8% -99.2% 48.6% -204.9%
2019 -361.8 -49.2 312.4 552.7 454.1 2019 -40.8% 46.0% 14537.0% 248.0% 342.6%
2020 -644.2 -83.8 244.4 690.8 207.2 2020 -78.1% -70.4% -21.8% 25.0% -54.4%
2021 -435.2 -13.2 389.5 422.1 363.3 2021 32.4% 84.3% 59.4% -38.9% 75.4%
Average -163.8 -4.4 162.2 136.5 130.5

Y/Y % Change 32.4% 84.3% 59.4% -38.9% 75.4%

Note: Net new cash flow is the dollar value of new sales minus redemptions, combined with net exchanges. Data for funds that invest primarily in other
mutual funds were excluded. MM = money market

US Exchange-Traded Funds (ETFs): Net Assets and Number – Chart
US Net Assets of Exchange-Traded Funds ($T)

1940 Act Non 1940 Act # (RHS) 2,570
8 3,000
7.2
7
2,203 2,500
6 2,096
1,989
1,836 5.4
1,717 2,000
5 1,597 4.4
1,412
4 1,295 3.4 3.4 1,500
1,195
3 2.5
2.0 2.1 1,000
1.7
2 1.3
500
1
0 0
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Source: Investment Company Institute and Strategic Insight Simfund

Exchange-Traded Funds (ETFs): Net Assets and Number – Values
ETF Net Assets ($ Billions) ETF Count

Non 1940
1940 Act Act Total # (RHS)
2007 579.5 28.9 608.4 2007 629
2008 495.6 35.7 531.3 2008 728
2009 702.6 74.5 777.1 2009 797
2010 890.9 101.1 992.0 2010 923
2011 939.3 108.9 1,048.1 2011 1,135
2012 1,217.2 119.9 1,337.1 2012 1,195
2013 1,610.8 63.9 1,674.7 2013 1,295
2014 1,918.0 56.5 1,974.6 2014 1,412
2015 2,052.2 48.5 2,100.7 2015 1,597
2016 2,462.9 61.6 2,524.5 2016 1,717
2017 3,333.7 67.3 3,401.0 2017 1,836
2018 3,308.7 62.4 3,371.2 2018 1,989
2019 4,314.6 81.6 4,396.2 2019 2,096
2020 5,304.3 145.1 5,449.4 2020 2,203
2021 7,065.1 125.4 7,190.5 2021 2,570
Average 2,413.0 78.8 2,491.8 Average 1,474.8

Y/Y % Change 33.2% -13.6% 32.0% Y/Y % Change 16.7%
5-Year CAGR 16.2% 13.3% 16.2% 5-Year CAGR 7.0%
10-Year CAGR 19.2% 0.4% 18.3% 10-Year CAGR 8.0%
Source: Investment Company Institute and Strategic Insight Simfund

US Investment Banking Revenues by Product – Charts
US Investment Banking Fees ($B)

M&A DCM Syndicated Lending ECM
80
70.6
70
60
47.7
50
40.6 39.4 39.3
38.1 38.1 36.3 36.3
40
32.0
30
20
10
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
US Investment Banking Fees (% of Total)

M&A DCM Syndicated Lending ECM
100%
14%
90% 24% 20% 25% 21% 19%
31% 26% 27% 26%
80%
70% 29%
60% 30% 37% 37% 36%

23% 30% 35%
37% 39%
50%
26%
40% 18% 22% 21% 18% 16%
30% 13% 14% 24%
16%
20%
29% 26% 31%
10% 24% 23% 25% 24% 25% 20%
19%
0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Note: M&A = mergers & acquisitions; DCM = debt capital markets; ECM = equity capital markets

US Mergers and Acquisitions – Announced and Completed
Announced Completed
$B # $B #
2007 1,275.9 10,405 2007 1,785.3 10,888
2008 1,076.4 9,216 2008 1,146.1 9,235
2009 794.2 7,384 2009 794.2 7,386
2010 822.9 10,239 2010 822.9 10,239
2011 992.9 10,693 2011 992.9 10,693
2012 1,041.8 12,345 2012 1,041.8 12,345
2013 1,030.0 10,413 2013 1,030.0 10,413
2014 1,249.4 10,785 2014 1,249.4 10,785
2015 1,764.2 10,646 2015 1,764.2 10,646
2016 1,699.4 9,909 2016 1,699.4 9,909
2017 1,625.3 10,554 2017 1,625.3 10,554
2018 1,916.6 8,533 2018 1,916.6 8,533
2019 1,762.8 10,060 2019 1,762.8 10,060
2020 1,502.2 8,574 2020 1,502.2 8,574
2021 2,647.4 10,096 2021 2,647.4 10,096
Average 1,413.4 9,990.1 Average 1,452.0 10,023.7

Y/Y % Change 76.2% 17.8% Y/Y % Change 76.2% 17.8%
% Change Y/Y
Announced Announced Completed Completed
$ # $ #
2008 -15.6% -11.4% -35.8% -15.2%

2009 -26.2% -19.9% -30.7% -20.0%
2010 3.6% 38.7% 3.6% 38.6%
2011 20.7% 4.4% 20.7% 4.4%
2012 4.9% 15.4% 4.9% 15.4%
2013 -1.1% -15.7% -1.1% -15.7%
2014 21.3% 3.6% 21.3% 3.6%
2015 41.2% -1.3% 41.2% -1.3%
2016 -3.7% -6.9% -3.7% -6.9%
2017 -4.4% 6.5% -4.4% 6.5%
2018 17.9% -19.1% 17.9% -19.1%
2019 -8.0% 17.9% -8.0% 17.9%
2020 -14.8% -14.8% -14.8% -14.8%
2021 76.2% 17.8% 76.2% 17.8%
Source: Dealogic

Section III: US Investor Participation

US Holdings of Equities – Value
Households Institutions Total Households Institutions

2007 9,739.5 16,460.0 26,199.5
2008 5,723.1 10,540.5 16,263.5 2008 -41.2% -36.0% -37.9%
2009 7,193.3 13,455.7 20,649.0 2009 25.7% 27.7% 27.0%
2010 8,545.7 15,531.5 24,077.2 2010 18.8% 15.4% 16.6%
2011 8,105.5 15,228.1 23,333.6 2011 -5.2% -2.0% -3.1%
2012 9,390.5 17,443.0 26,833.5 2012 15.9% 14.5% 15.0%
2013 12,159.6 22,286.2 34,445.8 2013 29.5% 27.8% 28.4%
2014 13,913.9 24,182.5 38,096.4 2014 14.4% 8.5% 10.6%
2015 13,739.2 23,471.9 37,211.1 2015 -1.3% -2.9% -2.3%
2016 15,176.3 24,991.7 40,168.0 2016 10.5% 6.5% 7.9%
2017 17,942.8 29,977.0 47,919.8 2017 18.2% 19.9% 19.3%
2018 16,279.0 27,436.3 43,715.3 2018 -9.3% -8.5% -8.8%
2019 21,051.6 33,592.4 54,644.0 2019 29.3% 22.4% 25.0%
2020 26,171.5 39,272.5 65,444.1 2020 24.3% 16.9% 19.8%
2021 32,011.7 48,083.1 80,094.7 2021 22.3% 22.4% 22.4%
Average 14,476.2 24,130.2 38,606.4

Y/Y % Change 22.3% 22.4% 22.4%
5-Year CAGR 16.1% 14.0% 14.8%
10-Year CAGR 14.7% 12.2% 13.1%
% of Total
Households Institutions
2007 37.2% 62.8%
2008 35.2% 64.8%
2009 34.8% 65.2%
2010 35.5% 64.5%
2011 34.7% 65.3%
2012 35.0% 65.0%
2013 35.3% 64.7%
2014 36.5% 63.5%
2015 36.9% 63.1%
2016 37.8% 62.2%
2017 37.4% 62.6%
2018 37.2% 62.8%
2019 38.5% 61.5%
2020 40.0% 60.0%
2021 40.0% 60.0%
Average 36.8% 63.2%

Y/Y Change 0.0% 0.0%

Note: Household sector includes nonprofit organizations; includes only directly held equities

US Households Owning Stocks
2001 2004 2007 2010 2013 2016 2019 Average

Families with stock holdings, direct or indirect
53.0% 50.3% 53.2% 49.8% 48.8% 51.9% 52.6% 51.4%
(% of all families)
Median value of stock held among families
50.5 44.6 42.0 34.2 39.3 42.5 40.0 41.9
(thousands of dollars)
Stock held by families
56.7% 51.3% 53.6% 46.8% 51.3% 53.2% 54.6% 52.5%
(% of total family financial assets)
Source: The Federal Reserve, 2019 Survey of Consumer Finances (triennial survey)
Note: Includes both directly and indirectly held publicly traded stock (i.e. through mutual funds or retirement accounts); 2019 is the latest data available
at the time of publication.

US Household Equity Ownership – Value
U.S. Household Equity Ownership ($T)

60
49.2
50
40.9
40
34.2
29.6
30 26.7
24.9
23.3 23.0
21.0
20 16.2
10
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
$ Billions
2007 16,662.4
2008 9,732.9
2009 12,587.6
2010 14,829.6
2011 14,043.5
2012 16,187.9
2013 21,031.9
2014 23,331.7
2015 23,011.8
2016 24,918.2
2017 29,614.2
2018 26,714.5
2019 34,190.0
2020 40,924.2
2021 49,211.1
Average 23,799.4
Y/Y % Change 20.2%
5-Year CAGR 10.7%
10-Year CAGR 11.8%

Note: Household sector includes nonprofit organizations; includes both directly and indirectly held equities (i.e. through mutual funds)

US Household Liquid Financial Assets – Value
$ Billions
UST,
Equities Deposits MFs Agency Munis MMFs Corporates Total
2007 9,739.5 6,061.6 4,531.0 648.1 1,652.7 1,967.8 1,162.3 25,762.9
2008 5,723.1 6,564.9 2,915.0 1,303.8 1,534.3 2,285.0 1,235.7 21,561.7
2009 7,193.3 6,689.4 4,019.8 896.1 1,871.3 1,962.3 1,327.3 23,959.5
2010 8,545.7 6,663.7 4,699.2 1,152.2 1,905.1 1,790.0 1,482.6 26,238.3
2011 8,105.5 7,322.9 4,682.6 1,201.4 2,067.7 1,711.7 1,624.7 26,716.6
2012 9,390.5 7,682.4 5,545.7 1,278.0 2,043.2 1,749.3 1,638.2 29,327.3
2013 12,159.6 7,990.7 6,594.2 898.3 1,857.8 1,680.3 1,097.4 32,278.3
2014 13,913.9 8,500.7 7,060.3 840.6 1,966.2 1,676.8 1,162.9 35,121.4
2015 13,739.2 9,184.1 6,955.8 1,339.6 1,932.5 1,723.6 610.9 35,485.8
2016 15,176.3 9,825.1 7,303.6 1,364.7 1,914.6 1,580.2 289.0 37,453.5
2017 17,942.8 10,177.4 8,651.0 1,418.0 1,929.4 1,653.1 203.7 41,975.5
2018 16,279.0 10,433.7 7,999.6 2,111.7 1,882.8 1,823.0 256.9 40,786.6
2019 21,051.6 11,046.2 9,958.6 2,279.7 1,908.4 2,273.7 345.3 48,863.6
2020 26,171.5 13,556.3 11,078.5 1,831.7 1,929.5 2,682.6 460.9 57,711.0
2021 32,011.7 15,441.6 12,711.4 763.3 1,804.6 2,783.8 151.9 65,668.3
Average 14,476.2 9,142.7 6,980.4 1,288.5 1,880.0 1,956.2 870.0 36,594.0

Y/Y % Change 22.3% 13.9% 14.7% -58.3% -6.5% 3.8% -67.0% 13.8%
5-Year CAGR 12.3% 8.7% 8.0% -11.7% -1.3% 11.0% -5.7% 9.4%
10-Year CAGR 13.0% 7.2% 8.6% -5.0% -1.2% 4.8% -21.2% 8.4%
% Change Y/Y
UST,
Equities Deposits MFs Agency Munis MMFs Corporates Total
2008 -41.2% 8.3% -35.7% 101.2% -7.2% 16.1% 6.3% -16.3%

2009 25.7% 1.9% 37.9% -31.3% 22.0% -14.1% 7.4% 11.1%
2010 18.8% -0.4% 16.9% 28.6% 1.8% -8.8% 11.7% 9.5%
2011 -5.2% 9.9% -0.4% 4.3% 8.5% -4.4% 9.6% 1.8%
2012 15.9% 4.9% 18.4% 6.4% -1.2% 2.2% 0.8% 9.8%
2013 29.5% 4.0% 18.9% -29.7% -9.1% -3.9% -33.0% 10.1%
2014 14.4% 6.4% 7.1% -6.4% 5.8% -0.2% 6.0% 8.8%
2015 -1.3% 8.0% -1.5% 59.4% -1.7% 2.8% -47.5% 1.0%
2016 10.5% 7.0% 5.0% 1.9% -0.9% -8.3% -52.7% 5.5%
2017 18.2% 3.6% 18.4% 3.9% 0.8% 4.6% -29.5% 12.1%
2018 -9.3% 2.5% -7.5% 48.9% -2.4% 10.3% 26.1% -2.8%
2019 29.3% 5.9% 24.5% 8.0% 1.4% 24.7% 34.4% 19.8%
2020 24.3% 22.7% 11.2% -19.7% 1.1% 18.0% 33.5% 18.1%
2021 22.3% 13.9% 14.7% -58.3% -6.5% 3.8% -67.0% 13.8%

Note: Households include nonprofit organizations. Liquid financial assets exclude pension fund reserves, equity in non-corporate business, etc. Deposits
= bank deposits and CDs; MFs = mutual funds; UST (U.S. Treasuries), Agency includes GSE securities; Munis = municipal bonds; MMFs = money
market funds

US Household Liquid Financial Assets – Share of Total
% of Total
UST,
Equities Deposits MFs Agency Munis MMFs Corporates
2007 37.8% 23.5% 17.6% 2.5% 6.4% 7.6% 4.5%
2008 26.5% 30.4% 13.5% 6.0% 7.1% 10.6% 5.7%
2009 30.0% 27.9% 16.8% 3.7% 7.8% 8.2% 5.5%
2010 32.6% 25.4% 17.9% 4.4% 7.3% 6.8% 5.7%
2011 30.3% 27.4% 17.5% 4.5% 7.7% 6.4% 6.1%
2012 32.0% 26.2% 18.9% 4.4% 7.0% 6.0% 5.6%
2013 37.7% 24.8% 20.4% 2.8% 5.8% 5.2% 3.4%
2014 39.6% 24.2% 20.1% 2.4% 5.6% 4.8% 3.3%
2015 38.7% 25.9% 19.6% 3.8% 5.4% 4.9% 1.7%
2016 40.5% 26.2% 19.5% 3.6% 5.1% 4.2% 0.8%
2017 42.7% 24.2% 20.6% 3.4% 4.6% 3.9% 0.5%
2018 39.9% 25.6% 19.6% 5.2% 4.6% 4.5% 0.6%
2019 43.1% 22.6% 20.4% 4.7% 3.9% 4.7% 0.7%
2020 45.3% 23.5% 19.2% 3.2% 3.3% 4.6% 0.8%
2021 48.7% 23.5% 19.4% 1.2% 2.7% 4.2% 0.2%
Average 37.7% 25.4% 18.7% 3.7% 5.6% 5.8% 3.0%
Y/Y Change 3.4% 0.0% 0.2% -2.0% -0.6% -0.4% -0.6%

Note: Households include nonprofit organizations. Liquid financial assets exclude pension fund reserves, equity in non-corporate business, etc. Deposits
= bank deposits and CDs; MFs = mutual funds; UST (U.S. Treasuries), Agency includes GSE securities; Munis = municipal bonds; MMFs = money
market funds

US Holdings of Equities by Type of Holder – Value
$ Billions
Y/Y % 5-Year
2016 2017 2018 2019 2020 2021 Average Change CAGR
Households 15,202.6 17,974.1 16,301.7 20,860.6 25,890.9 32,011.7 21,373.6 23.6% 12.2%
Institutions 24,965.4 29,945.7 27,413.6 33,764.3 39,316.8 48,083.1 33,914.8 22.3% 9.9%
Mutual Funds 9,069.9 10,819.6 9,657.5 11,934.5 13,391.1 15,533.8 11,734.4 16.0% 7.5%
Foreign 5,782.7 7,019.4 6,629.5 8,199.0 10,519.3 13,318.0 8,578.0 26.6% 13.7%
Exchange-Traded Funds 2,032.7 2,775.6 2,669.2 3,486.2 4,233.6 5,804.4 3,500.3 37.1% 15.9%
Private Pension Funds 2,329.9 2,713.0 2,448.0 3,135.8 3,477.3 4,107.5 3,035.3 18.1% 8.6%
State & Local Gov't Retirement Funds 2,321.5 2,706.8 2,478.6 2,553.9 2,773.8 3,392.2 2,704.5 22.3% 4.6%
Nonfinancial corporate business 1,712.9 1,949.3 1,789.9 2,317.7 2,531.0 3,100.6 2,233.6 22.5% 9.7%
Life Insurance Companies 554.8 622.9 538.0 644.6 729.8 763.4 642.3 4.6% 4.2%
Property Casualty Companies 354.3 410.6 392.1 493.9 518.6 642.8 468.7 23.9% 9.4%
Federal Gov't Retirement Funds 260.8 324.2 292.1 370.7 418.4 524.0 365.0 25.2% 10.1%
Broker/Dealers 176.1 182.7 147.7 166.7 214.3 233.9 186.9 9.2% 5.1%
State & Local Governments 130.5 151.5 137.7 173.2 201.4 306.4 183.4 52.1% 15.1%
U.S. Chartered Depository Institutions 104.0 127.6 109.1 147.7 160.3 199.6 141.4 24.5% 9.4%
Closed-End Funds 101.8 109.3 91.2 107.2 105.9 123.4 106.5 16.5% 2.5%
Federal Government 33.3 33.2 33.2 33.2 33.2 33.2 33.2 -0.1% 0.0%
Other 0.0 0.0 0.0 0.0 8.8 0.0 1.5 N/A N/A
Monetary Authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 N/A N/A
Total US Holdings 40,168.0 47,919.8 43,715.3 54,624.9 65,207.7 80,094.7 55,288.4 22.8% 10.8%

Note: Households include non-profit organizations. Other contains foreign banking offices in the U.S. and funding corporations

US Holdings of Equities by Type of Holder – Share of Total
2016 2017 2018 2019 2020 2021 Average Y/Y Change

Households 37.8% 37.5% 37.3% 38.2% 39.7% 40.0% 38.4% 0.3%
Institutions 62.2% 62.5% 62.7% 61.8% 60.3% 60.0% 61.6% -0.3%
Mutual Funds 22.6% 22.6% 22.1% 21.8% 20.5% 19.4% 21.5% -1.1%
Foreign 14.4% 14.6% 15.2% 15.0% 16.1% 16.6% 15.3% 0.5%
Exchange-Traded Funds 5.1% 5.8% 6.1% 6.4% 6.5% 7.2% 6.2% 0.8%
Private Pension Funds 5.8% 5.7% 5.6% 5.7% 5.3% 5.1% 5.5% -0.2%
State & Local Gov't Retirement Funds 5.8% 5.6% 5.7% 4.7% 4.3% 4.2% 5.0% 0.0%
Nonfinancial corporate business 4.3% 4.1% 4.1% 4.2% 3.9% 3.9% 4.1% 0.0%
Life Insurance Companies 1.4% 1.3% 1.2% 1.2% 1.1% 1.0% 1.2% -0.2%
Property Casualty Companies 0.9% 0.9% 0.9% 0.9% 0.8% 0.8% 0.9% 0.0%
Federal Gov't Retirement Funds 0.6% 0.7% 0.7% 0.7% 0.6% 0.7% 0.7% 0.0%
Broker/Dealers 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.0%
State & Local Governments 0.3% 0.3% 0.3% 0.3% 0.3% 0.4% 0.3% 0.1%
U.S. Chartered Depository Institutions 0.3% 0.3% 0.2% 0.3% 0.2% 0.2% 0.3% 0.0%
Closed-End Funds 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.0%
Federal Government 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.1% 0.0%
Other 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Monetary Authority 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Note: Households include non-profit organizations. Other contains foreign banking offices in the US and funding corporations

US Net Acquisitions of Corporate Equities by Type of Holder
$ Billions
Y/Y %
2016 2017 2018 2019 2020 2021 Average Change
Households 76.5 130.2 -176.2 7.4 462.3 615.0 185.9 33.0%
Institutions -295.0 103.2 -71.7 -419.0 111.4 -232.5 -133.9 308.6%
Foreign -186.3 116.9 110.9 -205.5 637.7 -226.0 41.3 135.4%
Mutual Funds -111.7 -133.6 -120.9 -219.2 -481.5 -317.1 -230.7 34.1%
Exchange-Traded Funds 186.1 346.7 204.4 166.1 260.2 732.4 316.0 181.5%
Nonfinancial corporate business 66.9 -89.9 -40.7 10.2 -136.0 -116.1 -50.9 14.7%
Private Pension Funds -113.5 -53.1 -80.0 -168.8 -110.7 -73.7 -100.0 33.4%
Federal Gov't Retirement Funds -5.6 6.5 -21.6 -5.0 -23.9 10.2 -6.6 142.9%
Property Casualty Companies 2.9 9.8 20.1 -1.8 -21.8 2.6 2.0 112.1%
Other 0.0 0.0 0.0 0.0 8.8 -8.8 0.0 200.0%
Broker/Dealers -5.4 -26.3 -19.9 -22.4 6.8 -33.7 -16.8 598.6%
State & Local Gov't Retirement Funds -93.5 -61.9 -82.3 26.1 -30.6 -129.2 -61.9 321.9%
State & Local Governments -3.4 -3.4 -3.4 -3.4 -3.4 -3.4 -3.4 0.0%
U.S. Chartered Depository Institutions -6.9 -2.0 2.5 0.8 2.9 1.9 -0.1 36.2%
Closed-End Funds 0.1 -0.5 -0.4 2.6 1.9 8.0 1.9 321.7%
Life Insurance Companies -24.6 -5.9 -44.4 1.2 1.1 -79.6 -25.4 7499.2%
Federal Government -0.1 -0.1 4.0 0.0 0.0 0.0 0.6 N/A
Monetary Authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 N/A
Total Net Issuance -218.6 233.3 -247.9 -411.6 573.8 382.6 51.9 33.3%

Note: Households include non-profit organizations. Other contains foreign banking offices in the US and funding corporations

Section IV: US Savings & Investment

US Retirement Assets – Charts
US Retirement Assets ($T)

Private Govt: State/Local Govt: Fed Annuities Total
50 45.8
45 42.3
39.1
40 35.4 35.1
35 31.0 32.4
29.2 30.5
30 25.6
25
20
15
10
5
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
US Retirement Assets % Total

Private Annuities Govt: State/Local Govt: Fed IRAs
100%
90% 23% 23% 24% 24% 25% 26%
27% 28% 29% 30%
80%
70% 13% 12% 12% 12% 12% 11% 12% 11% 10% 10%
60%
50% 26% 26% 26% 26% 26% 25% 26% 24% 23% 22%
40%
10% 9% 9% 9% 9% 9% 9% 9% 9% 9%
30%
20%
29% 29% 29% 28% 28% 28% 28% 28% 29% 29%
10%
0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Note: Private = defined benefit and contribution pension plans, includes claims of pension funds on sponsor (unfunded defined benefit entitlements).
Annuities = annuity reserves held by life insurance companies. Govt = government pension plans. Fed = federal. IRA = individual retirement account

US Retirement Assets – Value
$ Billions
Govt: Total
Private Annuities State/Local Govt: Fed Pensions IRAs Total
2007 6,191.4 2,173.2 5,374.1 2,728.1 16,466.8 4,748.0 21,214.8
2008 5,331.6 1,938.9 5,507.4 2,769.4 15,547.4 3,681.0 19,228.4
2009 5,988.2 2,075.3 5,788.7 2,911.3 16,763.5 4,488.0 21,251.5
2010 6,640.7 2,287.5 6,275.3 3,143.8 18,347.3 5,029.0 23,376.3
2011 6,774.1 2,286.7 6,443.5 3,243.6 18,747.8 5,153.0 23,900.8
2012 7,295.8 2,477.2 6,647.2 3,366.8 19,787.0 5,785.0 25,572.0
2013 8,457.1 2,753.0 7,602.9 3,524.9 22,337.9 6,819.0 29,156.9
2014 8,756.4 2,869.0 7,930.3 3,612.5 23,168.2 7,292.0 30,460.2
2015 8,686.0 2,908.5 8,195.1 3,709.3 23,498.9 7,477.0 30,975.9
2016 9,110.1 3,003.0 8,468.3 3,808.4 24,389.7 8,015.0 32,404.7
2017 10,056.7 3,221.6 8,788.7 3,941.5 26,008.4 9,439.0 35,447.4
2018 9,732.4 3,174.8 8,999.4 4,035.5 25,942.1 9,135.0 35,077.1
2019 11,087.7 3,503.4 9,322.8 4,222.7 28,136.6 10,949.0 39,085.6
2020 12,072.4 3,830.4 9,648.3 4,424.7 29,975.7 12,333.0 42,308.7
2021 13,205.4 4,065.3 9,990.0 4,627.7 31,888.4 13,913.0 45,801.4
Average 8,625.7 2,837.9 7,665.5 3,604.7 22,733.7 7,617.1 30,350.8

Y/Y % Change 9.4% 6.1% 3.5% 4.6% 6.4% 12.8% 8.3%
5-Year CAGR 5.6% 4.8% 2.6% 3.3% 4.2% 8.1% 5.3%
10-Year CAGR 6.1% 5.1% 4.2% 3.2% 4.9% 9.2% 6.0%
% Change Y/Y
Govt: Total
Private Annuities State/Local Govt: Fed Pensions IRAs Total
2008 -13.9% -10.8% 2.5% 1.5% -5.6% -22.5% -9.4%

2009 12.3% 7.0% 5.1% 5.1% 7.8% 21.9% 10.5%
2010 10.9% 10.2% 8.4% 8.0% 9.4% 12.1% 10.0%
2011 2.0% 0.0% 2.7% 3.2% 2.2% 2.5% 2.2%
2012 7.7% 8.3% 3.2% 3.8% 5.5% 12.3% 7.0%
2013 15.9% 11.1% 14.4% 4.7% 12.9% 17.9% 14.0%
2014 3.5% 4.2% 4.3% 2.5% 3.7% 6.9% 4.5%
2015 -0.8% 1.4% 3.3% 2.7% 1.4% 2.5% 1.7%
2016 4.9% 3.2% 3.3% 2.7% 3.8% 7.2% 4.6%
2017 10.4% 7.3% 3.8% 3.5% 6.6% 17.8% 9.4%
2018 -3.2% -1.4% 2.4% 2.4% -0.3% -3.2% -1.0%
2019 13.9% 10.3% 3.6% 4.6% 8.5% 19.9% 11.4%
2020 8.9% 9.3% 3.5% 4.8% 6.5% 12.6% 8.2%
2021 9.4% 6.1% 3.5% 4.6% 6.4% 12.8% 8.3%

Annuities = annuity reserves held by life insurance companies. Govt = government pension plans. Fed = federal. IRA = individual retirement account

US Retirement Assets – Share of Total
% of Total
Govt: Total
Private Annuities State/Local Govt: Fed Pensions IRAs
2007 29.2% 10.2% 25.3% 12.9% 77.6% 22.4%
2008 27.7% 10.1% 28.6% 14.4% 80.9% 19.1%
2009 28.2% 9.8% 27.2% 13.7% 78.9% 21.1%
2010 28.4% 9.8% 26.8% 13.4% 78.5% 21.5%
2011 28.3% 9.6% 27.0% 13.6% 78.4% 21.6%
2012 28.5% 9.7% 26.0% 13.2% 77.4% 22.6%
2013 29.0% 9.4% 26.1% 12.1% 76.6% 23.4%
2014 28.7% 9.4% 26.0% 11.9% 76.1% 23.9%
2015 28.0% 9.4% 26.5% 12.0% 75.9% 24.1%
2016 28.1% 9.3% 26.1% 11.8% 75.3% 24.7%
2017 28.4% 9.1% 24.8% 11.1% 73.4% 26.6%
2018 27.7% 9.1% 25.7% 11.5% 74.0% 26.0%
2019 28.4% 9.0% 23.9% 10.8% 72.0% 28.0%
2020 28.5% 9.1% 22.8% 10.5% 70.8% 29.2%
2021 28.8% 8.9% 21.8% 10.1% 69.6% 30.4%
Average 28.4% 9.4% 25.6% 12.2% 75.7% 24.3%

Y/Y % Change 0.3% -0.2% -1.0% -0.4% -1.2% 1.2%

Annuities = annuity reserves held by life insurance companies. Govt = government pension plans. Fed = federal. IRA = individual retirement accounts

US Private Pension Funds: Total Assets
$ Billions % Change Y/Y % of Total

Defined Defined Defined Defined Defined Defined
Benefit Contribution Total Benefit Contribution Total Benefit Contribution
2007 2,529.1 3,662.2 6,191.4 2007 40.8% 59.2%
2008 2,608.2 2,723.3 5,331.6 2008 3.1% -25.6% -13.9% 2008 48.9% 51.1%
2009 2,652.9 3,335.4 5,988.2 2009 1.7% 22.5% 12.3% 2009 44.3% 55.7%
2010 2,872.2 3,768.4 6,640.7 2010 8.3% 13.0% 10.9% 2010 43.3% 56.7%
2011 2,983.8 3,790.3 6,774.1 2011 3.9% 0.6% 2.0% 2011 44.0% 56.0%
2012 3,055.4 4,240.4 7,295.8 2012 2.4% 11.9% 7.7% 2012 41.9% 58.1%
2013 3,451.3 5,005.8 8,457.1 2013 13.0% 18.0% 15.9% 2013 40.8% 59.2%
2014 3,463.6 5,292.9 8,756.4 2014 0.4% 5.7% 3.5% 2014 39.6% 60.4%
2015 3,436.3 5,249.7 8,686.0 2015 -0.8% -0.8% -0.8% 2015 39.6% 60.4%
2016 3,469.5 5,640.6 9,110.1 2016 1.0% 7.4% 4.9% 2016 38.1% 61.9%
2017 3,516.0 6,540.6 10,056.7 2017 1.3% 16.0% 10.4% 2017 35.0% 65.0%
2018 3,532.3 6,200.1 9,732.4 2018 0.5% -5.2% -3.2% 2018 36.3% 63.7%
2019 3,660.9 7,426.8 11,087.7 2019 3.6% 19.8% 13.9% 2019 33.0% 67.0%
2020 3,702.1 8,370.3 12,072.4 2020 1.1% 12.7% 8.9% 2020 30.7% 69.3%
2021 3,742.3 9,463.1 13,205.4 2021 1.1% 13.1% 9.4% 2021 28.3% 71.7%
Average 3,245.1 5,380.7 8,625.7 Average 39.0% 61.0%

Y/Y % Change 1.1% 13.1% 9.4% Y/Y % Change -2.3% 2.3%
5-Year CAGR 1.3% 7.7% 5.6%
10-Year CAGR 2.0% 8.4% 6.1%
% Total Private 28.3% 71.7%
% Total Assets 8.2% 20.7%

Note: Includes claims of pension funds on sponsor (i.e. unfunded defined benefit pension entitlements)

US Private Pension Funds: Asset Mix
Equity Bonds MFs Cash Claims Other Total Equity Bonds MFs Cash Claims Other Total
2007 2,041.0 690.3 2,174.1 255.3 -28.3 1,024.6 6,157.1
2008 1,275.0 673.1 1,480.2 244.1 687.7 936.2 5,296.3 2008 -37.5% -2.5% -31.9% -4.4% -2532.6% -8.6% -14.0%
2009 1,504.4 722.8 1,955.3 236.8 466.2 1,066.3 5,951.8 2009 18.0% 7.4% 32.1% -3.0% -32.2% 13.9% 12.4%
2010 1,778.1 829.1 2,220.2 226.1 437.5 1,113.2 6,604.1 2010 18.2% 14.7% 13.5% -4.5% -6.2% 4.4% 11.0%
2011 1,680.4 915.0 2,200.0 252.6 497.9 1,191.5 6,737.5 2011 -5.5% 10.4% -0.9% 11.7% 13.8% 7.0% 2.0%
2012 1,890.7 1,049.5 2,481.5 225.2 377.9 1,234.4 7,259.2 2012 12.5% 14.7% 12.8% -10.9% -24.1% 3.6% 7.7%
2013 2,243.8 1,045.5 3,006.9 248.0 592.0 1,284.5 8,420.6 2013 18.7% -0.4% 21.2% 10.1% 56.6% 4.1% 16.0%
2014 2,284.3 1,166.5 3,190.2 256.6 504.1 1,318.2 8,719.9 2014 1.8% 11.6% 6.1% 3.5% -14.9% 2.6% 3.6%
2015 2,220.4 1,136.2 3,127.9 248.0 609.0 1,307.9 8,649.4 2015 -2.8% -2.6% -2.0% -3.4% 20.8% -0.8% -0.8%
2016 2,329.9 1,192.5 3,352.8 248.4 582.3 1,367.5 9,073.4 2016 4.9% 5.0% 7.2% 0.2% -4.4% 4.6% 4.9%
2017 2,713.0 1,348.3 3,886.6 261.5 326.7 1,484.0 10,020.1 2017 16.4% 13.1% 15.9% 5.3% -43.9% 8.5% 10.4%
2018 2,448.0 1,378.5 3,594.6 245.2 601.7 1,427.9 9,695.8 2018 -9.8% 2.2% -7.5% -6.2% 84.2% -3.8% -3.2%
2019 2,961.8 1,530.7 4,320.0 269.5 404.8 1,564.4 11,051.2 2019 21.0% 11.0% 20.2% 9.9% -32.7% 9.6% 14.0%
2020 3,375.7 1,661.2 4,742.7 319.3 218.9 1,718.1 12,035.9 2020 14.0% 8.5% 9.8% 18.5% -45.9% 9.8% 8.9%
2021 4,107.5 1,603.4 5,292.9 345.1 12.8 1,807.2 13,168.9 2021 21.7% -3.5% 11.6% 8.1% -94.2% 5.2% 9.4%
Average 2,323.6 1,129.5 3,135.1 258.8 419.4 1,323.1 8,589.4

Y/Y % Change 21.7% -3.5% 11.6% 8.1% -94.2% 5.2% 9.4%
5-Year CAGR 8.6% 3.5% 6.4% 5.7% -47.7% 4.0% 5.6%
10-Year CAGR 8.1% 4.3% 7.9% 4.4% -28.7% 3.9% 6.1%
% Change Y/Y
Equity Bonds MFs Cash Claims Other

2007 33.1% 11.2% 35.3% 4.1% -0.5% 16.6%
2008 24.1% 12.7% 27.9% 4.6% 13.0% 17.7%
2009 25.3% 12.1% 32.9% 4.0% 7.8% 17.9%
2010 26.9% 12.6% 33.6% 3.4% 6.6% 16.9%
2011 24.9% 13.6% 32.7% 3.7% 7.4% 17.7%
2012 26.0% 14.5% 34.2% 3.1% 5.2% 17.0%
2013 26.6% 12.4% 35.7% 2.9% 7.0% 15.3%
2014 26.2% 13.4% 36.6% 2.9% 5.8% 15.1%
2015 25.7% 13.1% 36.2% 2.9% 7.0% 15.1%
2016 25.7% 13.1% 37.0% 2.7% 6.4% 15.1%
2017 27.1% 13.5% 38.8% 2.6% 3.3% 14.8%
2018 25.2% 14.2% 37.1% 2.5% 6.2% 14.7%
2019 26.8% 13.9% 39.1% 2.4% 3.7% 14.2%
2020 28.0% 13.8% 39.4% 2.7% 1.8% 14.3%
2021 31.2% 12.2% 40.2% 2.6% 0.1% 13.7%
Average 26.9% 13.1% 35.8% 3.2% 5.4% 15.7%

Y/Y % Change 3.1% -1.6% 0.8% 0.0% -1.7% -0.6%

Note: Bonds include UST, Agency, GSE-backed securities, corporate & foreign bonds. MF = mutual funds. Cash includes checkable deposits and
currency, time and savings deposits, money market mutual fund shares, repo and reverse repo agreements, and commercial paper. Claims include total
liabilities of pension entitlements. Other = mortgages, unallocated insurance contracts, contributions receivable, and unidentified miscellaneous assets

US Defined Benefit Plans: Asset Mix
Equity Bonds MFs Cash Claims Other Total Equity Bonds MFs Cash Claims Other Total
2007 1,209.3 536.3 332.6 136.0 -28.3 309.0 2,494.9
2008 726.1 480.8 258.5 102.2 687.7 317.6 2,572.9 2008 -40.0% -10.4% -22.3% -24.8% -2532.6% 2.8% 3.1%
2009 863.8 517.9 321.9 106.7 466.2 339.9 2,616.4 2009 19.0% 7.7% 24.6% 4.4% -32.2% 7.0% 1.7%
2010 1,010.7 577.8 348.1 102.8 437.5 358.9 2,835.7 2010 17.0% 11.6% 8.1% -3.7% -6.2% 5.6% 8.4%
2011 929.5 665.9 356.3 106.5 497.9 391.1 2,947.2 2011 -8.0% 15.3% 2.3% 3.6% 13.8% 9.0% 3.9%
2012 1,048.0 746.6 359.3 94.2 377.9 392.9 3,018.8 2012 12.7% 12.1% 0.8% -11.6% -24.1% 0.4% 2.4%
2013 1,165.0 750.5 407.9 109.6 592.0 389.9 3,414.8 2013 11.2% 0.5% 13.5% 16.3% 56.6% -0.8% 13.1%
2014 1,137.9 835.5 425.6 118.3 504.1 405.6 3,427.0 2014 -2.3% 11.3% 4.3% 8.0% -14.9% 4.0% 0.4%
2015 1,086.9 804.6 382.9 105.9 609.0 410.5 3,399.7 2015 -4.5% -3.7% -10.1% -10.5% 20.8% 1.2% -0.8%
2016 1,099.1 829.5 385.1 102.5 582.3 434.4 3,432.9 2016 1.1% 3.1% 0.6% -3.2% -4.4% 5.8% 1.0%
2017 1,210.9 946.7 411.5 115.3 326.7 468.4 3,479.5 2017 10.2% 14.1% 6.9% 12.5% -43.9% 7.8% 1.4%
2018 1,055.5 972.1 344.9 96.8 601.7 424.7 3,495.7 2018 -12.8% 2.7% -16.2% -16.1% 84.2% -9.3% 0.5%
2019 1,210.1 1,079.6 360.9 101.7 404.8 467.3 3,624.4 2019 14.6% 11.1% 4.6% 5.1% -32.7% 10.0% 3.7%
2020 1,393.7 1,115.6 366.4 101.2 218.9 469.8 3,665.5 2020 15.2% 3.3% 1.5% -0.6% -45.9% 0.5% 1.1%
2021 1,673.5 1,062.6 379.5 104.3 12.8 473.1 3,705.8 2021 20.1% -4.8% 3.6% 3.1% -94.2% 0.7% 1.1%
Average 1,121.3 794.8 362.8 106.9 419.4 403.5 3,208.8

Y/Y % Change 20.1% -4.8% 3.6% 3.1% -94.2% 0.7% 1.1%
5-Year CAGR 6.7% 2.3% -1.6% -2.0% -47.7% 0.2% 1.3%
10-Year CAGR 4.8% 3.6% 0.5% 1.0% -28.7% 1.9% 2.1%
% of Total
Equity Bonds MFs Cash Claims Other

2007 48.5% 21.5% 13.3% 5.5% -1.1% 12.4%
2008 28.2% 18.7% 10.0% 4.0% 26.7% 12.3%
2009 33.0% 19.8% 12.3% 4.1% 17.8% 13.0%
2010 35.6% 20.4% 12.3% 3.6% 15.4% 12.7%
2011 31.5% 22.6% 12.1% 3.6% 16.9% 13.3%
2012 34.7% 24.7% 11.9% 3.1% 12.5% 13.0%
2013 34.1% 22.0% 11.9% 3.2% 17.3% 11.4%
2014 33.2% 24.4% 12.4% 3.5% 14.7% 11.8%
2015 32.0% 23.7% 11.3% 3.1% 17.9% 12.1%
2016 32.0% 24.2% 11.2% 3.0% 17.0% 12.7%
2017 34.8% 27.2% 11.8% 3.3% 9.4% 13.5%
2018 30.2% 27.8% 9.9% 2.8% 17.2% 12.1%
2019 33.4% 29.8% 10.0% 2.8% 11.2% 12.9%
2020 38.0% 30.4% 10.0% 2.8% 6.0% 12.8%
2021 45.2% 28.7% 10.2% 2.8% 0.3% 12.8%
Average 35.0% 24.4% 11.4% 3.4% 13.3% 12.6%

Y/Y % Change 7.1% -1.8% 0.2% 0.1% -5.6% 0.0%


US Defined Contribution Plans: Asset Mix
Equity Bonds MFs Cash Other Total Equity Bonds MFs Cash Other Total
2007 831.7 154.0 1,841.5 119.3 715.6 3,662.2
2008 548.9 192.3 1,221.7 141.9 618.6 2,723.3 2008 -34.0% 24.8% -33.7% 18.9% -13.6% -25.6%
2009 640.6 205.0 1,633.4 130.1 726.3 3,335.4 2009 16.7% 6.6% 33.7% -8.3% 17.4% 22.5%
2010 767.4 251.4 1,872.0 123.3 754.3 3,768.4 2010 19.8% 22.7% 14.6% -5.2% 3.8% 13.0%
2011 750.9 249.2 1,843.7 146.1 800.4 3,790.3 2011 -2.1% -0.9% -1.5% 18.5% 6.1% 0.6%
2012 842.7 302.9 2,122.2 131.0 841.5 4,240.4 2012 12.2% 21.6% 15.1% -10.3% 5.1% 11.9%
2013 1,078.8 295.0 2,598.9 138.4 894.6 5,005.8 2013 28.0% -2.6% 22.5% 5.7% 6.3% 18.0%
2014 1,146.4 331.0 2,764.6 138.3 912.6 5,292.9 2014 6.3% 12.2% 6.4% -0.1% 2.0% 5.7%
2015 1,133.5 331.7 2,745.0 142.1 897.4 5,249.7 2015 -1.1% 0.2% -0.7% 2.7% -1.7% -0.8%
2016 1,230.8 363.0 2,967.7 145.9 933.1 5,640.6 2016 8.6% 9.5% 8.1% 2.7% 4.0% 7.4%
2017 1,502.1 401.6 3,475.1 146.2 1,015.6 6,540.6 2017 22.0% 10.6% 17.1% 0.2% 8.8% 16.0%
2018 1,392.5 406.4 3,249.6 148.5 1,003.2 6,200.1 2018 -7.3% 1.2% -6.5% 1.5% -1.2% -5.2%
2019 1,751.7 451.1 3,959.2 167.8 1,097.1 7,426.8 2019 25.8% 11.0% 21.8% 13.0% 9.4% 19.8%
2020 1,982.0 545.6 4,376.3 218.1 1,248.4 8,370.3 2020 13.1% 20.9% 10.5% 30.0% 13.8% 12.7%
2021 2,434 541 4,913 241 1,334 9,463 2021 22.8% -0.9% 12.3% 10.4% 6.9% 13.1%
Average 1,202.3 334.7 2,772.3 151.9 919.5 5,380.7

Y/Y % Change 22.8% -0.9% 12.3% 10.4% 6.9% 13.1%
5-Year CAGR 10.1% 6.1% 7.2% 10.5% 5.6% 7.7%
10-Year CAGR 11.2% 6.0% 8.8% 6.3% 4.7% 8.4%
% of Total
Equity Bonds MFs Cash Other

2007 22.7% 4.2% 50.3% 3.3% 19.5%
2008 20.2% 7.1% 44.9% 5.2% 22.7%
2009 19.2% 6.1% 49.0% 3.9% 21.8%
2010 20.4% 6.7% 49.7% 3.3% 20.0%
2011 19.8% 6.6% 48.6% 3.9% 21.1%
2012 19.9% 7.1% 50.0% 3.1% 19.8%
2013 21.6% 5.9% 51.9% 2.8% 17.9%
2014 21.7% 6.3% 52.2% 2.6% 17.2%
2015 21.6% 6.3% 52.3% 2.7% 17.1%
2016 21.8% 6.4% 52.6% 2.6% 16.5%
2017 23.0% 6.1% 53.1% 2.2% 15.5%
2018 22.5% 6.6% 52.4% 2.4% 16.2%
2019 23.6% 6.1% 53.3% 2.3% 14.8%
2020 23.7% 6.5% 52.3% 2.6% 14.9%
2021 25.7% 5.7% 51.9% 2.5% 14.1%
Average 21.8% 6.2% 51.0% 3.0% 17.9%

Y/Y % Change 2.0% -0.8% -0.4% -0.1% -0.8%


US Individual Retirement Account (IRA) Assets
MFs Deposits Annuities Other Total MFs Deposits Annuities Other Total
2007 2,435 340 303 1,670 4,748
2008 1,692 391 295 1,303 3,681 2008 -30.5% 15.0% -2.6% -22.0% -22.5%
2009 2,114 431 291 1,652 4,488 2009 24.9% 10.2% -1.4% 26.8% 21.9%
2010 2,418 461 313 1,837 5,029 2010 14.4% 7.0% 7.6% 11.2% 12.1%
2011 2,409 482 308 1,954 5,153 2011 -0.4% 4.6% -1.6% 6.4% 2.5%
2012 2,752 508 323 2,201 5,785 2012 14.2% 5.4% 4.9% 12.6% 12.3%
2013 3,322 508 351 2,639 6,819 2013 20.7% 0.0% 8.7% 19.9% 17.9%
2014 3,524 506 368 2,894 7,292 2014 6.1% -0.4% 4.8% 9.7% 6.9%
2015 3,493 523 383 3,078 7,477 2015 -0.9% 3.4% 4.1% 6.4% 2.5%
2016 3,708 561 397 3,350 8,015 2016 6.2% 7.3% 3.7% 8.8% 7.2%
2017 4,279 548 417 4,196 9,439 2017 15.4% -2.3% 5.0% 25.3% 17.8%
2018 3,994 568 429 4,143 9,135 2018 -6.7% 3.6% 2.9% -1.3% -3.2%
2019 4,820 558 468 5,103 10,949 2019 20.7% -1.8% 9.1% 23.2% 19.9%
2020 5,455 685 523 5,669 12,333 2020 13.2% 22.8% 11.8% 11.1% 12.6%
2021 6,210 676 557 6,470 13,913 2021 13.8% -1.3% 6.5% 14.1% 12.8%
Average 3,508 516 382 3,211 7,617

Y/Y % Change 13.8% -1.3% 6.5% 14.1% 12.8%
5-Year CAGR 7.7% 4.3% 6.0% 9.0% 8.1%
10-Year CAGR 8.5% 2.9% 5.6% 11.4% 9.2%
% of Total IRA Assets
MFs Deposits Annuities Other

2007 51.3% 7.2% 6.4% 35.2%
2008 46.0% 10.6% 8.0% 35.4%
2009 47.1% 9.6% 6.5% 36.8%
2010 48.1% 9.2% 6.2% 36.5%
2011 46.7% 9.4% 6.0% 37.9%
2012 47.6% 8.8% 5.6% 38.0%
2013 48.7% 7.4% 5.1% 38.7%
2014 48.3% 6.9% 5.0% 39.7%
2015 46.7% 7.0% 5.1% 41.2%
2016 46.3% 7.0% 5.0% 41.8%
2017 45.3% 5.8% 4.4% 44.5%
2018 43.7% 6.2% 4.7% 45.4%
2019 44.0% 5.1% 4.3% 46.6%
2020 44.2% 5.6% 4.2% 46.0%
2021 44.6% 4.9% 4.0% 46.5%
Average 46.6% 7.4% 5.4% 40.7%

Y/Y % Change 0.4% -0.7% -0.2% 0.5%

Note: Bank and thrift deposits include Keogh deposits; 2020 and 2021 data are estimates. Other was not identified

US 401(K) Assets
Total 401(K) Plan Assets ($T)

8 7.7
6.8
7
6.3
6 5.5
5.2
5 4.7
4.4 4.4
4.1
4 3.5
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
$ Billions
2007 2,975
2008 2,203
2009 2,718
2010 3,119
2011 3,112
2012 3,495
2013 4,148
2014 4,406
2015 4,377
2016 4,741
2017 5,486
2018 5,207
2019 6,256
2020 6,840
2021 7,725
Average 4,454
Y/Y % Change 12.9%
5-Year CAGR 7.1%
10-Year CAGR 8.3%

US Household Saving Rates versus Other Major Nations
% Disposable Household Income % Change Y/Y

US Canada France Germany Japan UK US Canada France Germany Japan UK
2007 3.5% 2.2% 9.4% 10.7% 3.5% 4.2%
2008 4.8% 3.3% 9.3% 10.9% 3.4% 2.9% 2008 1.3% 1.1% -0.2% 0.2% -0.1% -1.3%
2009 6.1% 4.5% 10.6% 10.4% 4.3% 5.8% 2009 1.3% 1.2% 1.3% -0.5% 0.9% 2.9%
2010 6.5% 4.3% 10.5% 10.3% 3.3% 6.2% 2010 0.4% -0.2% -0.1% -0.1% -1.0% 0.3%
2011 7.0% 4.2% 9.9% 10.0% 3.6% 3.7% 2011 0.5% -0.1% -0.5% -0.3% 0.3% -2.5%
2012 8.9% 4.7% 10.0% 9.7% 2.3% 3.1% 2012 1.8% 0.6% 0.1% -0.4% -1.2% -0.6%
2013 6.3% 4.7% 8.5% 9.3% 0.1% 2.4% 2013 -2.5% 0.0% -1.5% -0.4% -2.3% -0.7%
2014 7.3% 3.5% 8.9% 9.8% -0.8% 2.5% 2014 1.0% -1.2% 0.3% 0.5% -0.8% 0.1%
2015 7.8% 4.1% 8.3% 10.1% 0.1% 3.6% 2015 0.5% 0.5% -0.5% 0.2% 0.9% 1.1%
2016 7.2% 1.6% 8.2% 10.2% 1.9% 0.6% 2016 -0.6% -2.5% -0.1% 0.1% 1.8% -3.0%
2017 7.5% 1.9% 8.4% 10.6% 1.6% -1.3% 2017 0.3% 0.2% 0.2% 0.4% -0.3% -1.9%
2018 7.9% 0.7% 8.7% 11.3% 1.8% -1.5% 2018 0.4% -1.2% 0.3% 0.7% 0.2% -0.2%
2019 7.9% 2.0% 9.2% 10.8% 3.2% -1.6% 2019 0.0% 1.4% 0.6% -0.5% 1.5% -0.1%
2020 17.1% 14.4% 15.7% 16.1% 12.1% 7.5% 2020 9.2% 12.4% 6.5% 5.3% 8.8% 9.1%
2021 12.3% 10.8% 19.0% 15.0% 8.5% 12.2% 2021 -4.8% -3.6% 3.3% -1.1% -3.6% 4.7%
Average 7.9% 4.5% 10.3% 11.0% 3.3% 3.4%

Y/Y Change -4.8% -3.6% 3.3% -1.1% -3.6% 4.7%
Source: OECD Database, OECD Economic Outlook

Note: Net savings rate; actual data in black, forecast in grey

US Economic Indicators
% Change Y/Y
Nominal Nominal
Savings GDP Real GDP Savings GDP Real GDP
CPI UE Rate Rate ($B) ($B) CPI UE Rate Rate ($B) ($B)
2007 4.1% 4.6% 3.7% 14,451.9 15,626.0
2008 0.1% 5.8% 5.0% 14,712.8 15,604.7 2008 -4.0% 1.2% 1.3% 1.8% -0.1%
2009 2.7% 9.3% 6.1% 14,448.9 15,208.8 2009 2.6% 3.5% 1.1% -1.8% -2.5%
2010 1.5% 9.6% 6.5% 14,992.1 15,598.8 2010 -1.2% 0.3% 0.4% 3.8% 2.6%
2011 3.0% 9.0% 7.2% 15,542.6 15,840.7 2011 1.5% -0.7% 0.7% 3.7% 1.6%
2012 1.7% 8.1% 8.9% 16,197.0 16,197.0 2012 -1.2% -0.9% 1.7% 4.2% 2.2%
2013 1.5% 7.4% 6.4% 16,784.9 16,495.4 2013 -0.2% -0.7% -2.5% 3.6% 1.8%
2014 0.8% 6.2% 7.4% 17,527.3 16,912.0 2014 -0.7% -1.2% 1.0% 4.4% 2.5%
2015 0.7% 5.3% 7.5% 18,238.3 17,432.2 2015 0.0% -0.9% 0.1% 4.1% 3.1%
2016 2.1% 4.9% 6.9% 18,745.1 17,730.5 2016 1.3% -0.4% -0.6% 2.8% 1.7%
2017 2.1% 4.4% 7.2% 19,543.0 18,144.1 2017 0.0% -0.5% 0.3% 4.3% 2.3%
2018 1.9% 3.9% 7.8% 20,611.9 18,687.8 2018 -0.2% -0.4% 0.6% 5.5% 3.0%
2019 2.3% 3.7% 7.5% 21,433.2 19,091.7 2019 0.4% -0.2% -0.3% 4.0% 2.2%
2020 1.4% 8.1% 16.4% 20,936.6 18,426.1 2020 -0.9% 4.4% 8.9% -2.3% -3.5%
2021 7.0% 5.4% 12.2% 22,996.1 19,427.3 2021 5.6% -2.7% -4.2% 9.8% 5.4%
Average 2.2% 6.4% 7.8% 17,810.8 17,094.9
Y/Y % Change 5.6% -2.7% -4.2% 9.8% 5.4%
5-Year CAGR 3.3% 1.4%
10-Year CAGR 3.6% 1.8%
Source: U.S. Bureau of Economic Analysis; U.S. Department of Labor

Note: CPI, unemployment not seasonally adjusted. CPI = consumer price index, % change Y/Y. UE = unemployment rate for civilians. Savings rate =
personal, % of disposable income. GDP = gross domestic product, real GDP = 2012

US Federal Receipts, Outlays, Deficit, and Debt – Value
$ Billions
Surplus/ Total Debt Held
GDP Receipts Outlays (Deficit) Debt by Public
2007 14,305.4 2,568.0 2,728.7 -160.7 8,950.7 5,035.1
2008 14,796.6 2,524.0 2,982.5 -458.6 9,986.1 5,803.1
2009 14,467.3 2,105.0 3,517.7 -1,412.7 11,875.9 7,544.7
2010 14,884.4 2,162.7 3,457.1 -1,294.4 13,528.8 9,018.9
2011 15,466.5 2,303.5 3,603.1 -1,299.6 14,764.2 10,128.2
2012 16,109.4 2,450.0 3,537.0 -1,087.0 16,050.9 11,281.1
2013 16,665.1 2,775.1 3,454.6 -679.5 16,719.4 11,982.7
2014 17,370.8 3,021.5 3,506.1 -484.6 17,794.5 12,779.9
2015 18,086.1 3,249.9 3,688.4 -438.5 18,120.1 13,116.7
2016 18,536.1 3,268.0 3,852.6 -584.7 19,539.5 14,167.6
2017 19,250.9 3,316.2 3,981.6 -665.4 20,205.7 14,665.4
2018 20,294.6 3,329.9 4,109.0 -779.1 21,462.3 15,749.6
2019 21,152.3 3,463.4 4,447.0 -983.6 22,669.5 16,800.7
2020 20,948.0 3,421.2 6,553.6 -3,132.4 26,902.5 21,016.7
2021 22,357.6 4,047.1 6,822.4 -2,775.3 28,385.6 22,284.0
Average 17,646.1 2,933.7 4,016.1 -1,082.4 17,797.0 12,758.3

Y/Y % Change 6.7% 18.3% 4.1% -11.4% 5.5% 6.0%
5-Year CAGR 3.0% 4.1% 11.4% 33.1% 7.0% 8.7%
10-Year CAGR 3.3% 5.1% 6.8% 9.8% 5.9% 7.0%
% Change Y/Y
Surplus/ Debt Held
GDP Receipts Outlays (Deficit) Total Debt by Public
2008 3.4% -1.7% 9.3% 185.4% 11.6% 15.3%

2009 -2.2% -16.6% 17.9% 208.0% 18.9% 30.0%
2010 2.9% 2.7% -1.7% -8.4% 13.9% 19.5%
2011 3.9% 6.5% 4.2% 0.4% 9.1% 12.3%
2012 4.2% 6.4% -1.8% -16.4% 8.7% 11.4%
2013 3.4% 13.3% -2.3% -37.5% 4.2% 6.2%
2014 4.2% 8.9% 1.5% -28.7% 6.4% 6.7%
2015 4.1% 7.6% 5.2% -9.5% 1.8% 2.6%
2016 2.5% 0.6% 4.5% 33.3% 7.8% 8.0%
2017 3.9% 1.5% 3.3% 13.8% 3.4% 3.5%
2018 5.4% 0.4% 3.2% 17.1% 6.2% 7.4%
2019 4.2% 4.0% 8.2% 26.2% 5.6% 6.7%
2020 -1.0% -1.2% 47.4% 218.5% 18.7% 25.1%
2021 6.7% 18.3% 4.1% -11.4% 5.5% 6.0%
Source: Economic Report of the President

Note: Fiscal year data. GDP = gross domestic product

US Federal Receipts, Outlays, Deficit, and Debt – % of GDP
Debt/GDP
Total Debt Held
Debt by Public
2007 62.6% 35.2%
2008 67.5% 39.2%
2009 82.1% 52.2%
2010 90.9% 60.6%
2011 95.5% 65.5%
2012 99.6% 70.0%
2013 100.3% 71.9%
2014 102.4% 73.6%
2015 100.2% 72.5%
2016 105.4% 76.4%
2017 105.0% 76.2%
2018 105.8% 77.6%
2019 107.2% 79.4%
2020 128.4% 100.3%
2021 127.0% 99.7%
Average 98.7% 70.0%

Y/Y % Change -1.5% -0.7%
Source: Economic Report of the President

Note: Fiscal year data. GDP = gross domestic product

Section V: US Securities Industry

FINRA Registered Firms and Representatives – Charts
# of Broker-Dealers # of Branch Offices (thousands)

5,000
164
4,500 4,289 161.4 161.4
4,146 4,068 162 161.1
3,943 160.5
4,000 3,835 3,726 159.5
3,607 3,517 160
3,435 3,394
3,500 158
156.0
3,000 156 154.7
153.9
2,500 154 152.9
2,000 152
149.9
1,500 150
1,000 148
500 146
0 144
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
# of Investment Advisor Firms # of Registered Representatives (thousands)

33,000
32,149 645
639.4
32,000 31,394 640 636.2 635.6
31,062
30,808 635
31,000 630.2
30,196 629.5
630 627.5 627.5
30,000 29,690 624.6
29,352 625
28,812
29,000 620 617.5
28,209
27,875 612.5
28,000 615
610
27,000
605
26,000
600
25,000 595
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: FINRA
Note: Includes all FINRA registered broker-dealers doing business in the U.S.

FINRA Registered Firms and Registered Representatives – Values
Total % Change Y/Y
Broker- Branch Investment Registered Broker- Branch Investment Registered

Dealers Offices Advisor Firms Representatives Dealers Offices Advisor Firms Representatives
2007 5,002 171,286 669,794
2008 4,896 171,659 662,899 2008 -2.1% 0.2% -1.0%
2009 4,717 166,699 630,904 2009 -3.7% -2.9% -4.8%
2010 4,577 162,711 628,462 2010 -3.0% -2.4% -0.4%
2011 4,455 160,403 627,067 2011 -2.7% -1.4% -0.2%
2012 4,289 161,149 27,875 627,492 2012 -3.7% 0.5% 0.1%
2013 4,146 160,478 28,209 627,488 2013 -3.3% -0.4% 1.2% 0.0%
2014 4,068 161,446 28,812 636,178 2014 -1.9% 0.6% 2.1% 1.4%
2015 3,943 161,392 29,352 639,442 2015 -3.1% 0.0% 1.9% 0.5%
2016 3,835 159,464 29,690 635,625 2016 -2.7% -1.2% 1.2% -0.6%
2017 3,726 155,967 30,196 630,235 2017 -2.8% -2.2% 1.7% -0.8%
2018 3,607 154,661 30,808 629,499 2018 -3.2% -0.8% 2.0% -0.1%
2019 3,517 153,907 31,062 624,644 2019 -2.5% -0.5% 0.8% -0.8%
2020 3,435 152,861 31,394 617,531 2020 -2.3% -0.7% 1.1% -1.1%
2021 3,394 149,887 32,149 612,457 2021 -1.2% -1.9% 2.4% -0.8%
Average 4,107.1 160,264.7 29,954.7 633,314.5

Y/Y % Change -1.2% -1.9% 2.4% -0.8%
5-Year CAGR -1.8% -0.8% 1.3% -0.6%
10-Year CAGR -2.3% -0.7% 1.4% -0.2%
Source: FINRA
Note: Includes all FINRA registered broker-dealers doing business in the U.S.

US Securities Industry Employment
Thousands % Change Y/Y % of Total

US NYS NYC US NYS NYC NYS NYC
2007 909.4 214.6 191.8 2007 23.6% 21.1%
2008 907.8 204.4 182.8 2008 -0.2% -4.8% -4.7% 2008 22.5% 20.1%
2009 854.2 187.0 165.3 2009 -5.9% -8.5% -9.6% 2009 21.9% 19.4%
2010 852.7 192.1 169.8 2010 -0.2% 2.7% 2.7% 2010 22.5% 19.9%
2011 862.7 192.8 171.6 2011 1.2% 0.4% 1.1% 2011 22.3% 19.9%
2012 858.1 188.6 167.9 2012 -0.5% -2.2% -2.2% 2012 22.0% 19.6%
2013 872.6 189.2 168.2 2013 1.7% 0.3% 0.2% 2013 21.7% 19.3%
2014 892.3 193.4 171.3 2014 2.3% 2.2% 1.8% 2014 21.7% 19.2%
2015 923.6 198.3 176.5 2015 3.5% 2.5% 3.0% 2015 21.5% 19.1%
2016 931.4 198.1 176.6 2016 0.8% -0.1% 0.1% 2016 21.3% 19.0%
2017 944.9 201.4 179.0 2017 1.4% 1.7% 1.4% 2017 21.3% 18.9%
2018 962.2 202.7 182.6 2018 1.8% 0.6% 2.0% 2018 21.1% 19.0%
2019 967.3 203.6 183.3 2019 0.5% 0.4% 0.4% 2019 21.0% 18.9%
2020 972.2 199.5 179.8 2020 0.5% -2.0% -1.9% 2020 20.5% 18.5%
2021 1,016.9 201.1 180.3 2021 4.6% 0.8% 0.3% 2021 19.8% 17.7%
Average 915.2 197.8 176.5 Average 21.6% 19.3%

Y/Y % Change 4.6% 0.8% 0.3% Y/Y % Change -0.7% -0.8%
5-Year CAGR 1.8% 0.3% 0.4%
10-Year CAGR 1.7% 0.4% 0.5%
Source: U.S. Department of Labor, Bureau of Labor Statistics

Note: Year end data, not seasonally adjusted, as per NAICS code 523; nationwide data is based on securities, commodity contracts, investments, and
funds and trusts industry while state and city data is based on financial investments and related activities including financial vehicles industry. NYS =
New York State, NYC = New York City

FINRA Registered Broker-Dealers by State – Map

FINRA Registered Representatives by State – Map

SEC and State Registered Investment Advisors by State – Map

FINRA Registered Broker-Dealer Financial Results – Chart
FINRA Registered Broker-Dealers Financial Results

450 Revenues Expenses
399
388
400
361 362
350
306 344
300 275 272 318
265 270 307
257
285
250 269
248 247 246
238
200 225
150
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Source: FINRA Financial and Operational Combined Uniform Single (FOCUS) Reports

FINRA Registered Broker-Dealer Financial Results – Value
$ Billions
Pre-Tax Net
Revenues Expenses Income # Firms
2007 474.2 473.4 0.8 5,002
2008 290.5 324.7 -34.1 4,896
2009 278.9 207.3 71.7 4,717
2010 254.8 220.0 34.8 4,577
2011 238.9 224.7 14.2 4,455
2012 256.9 224.9 32.1 4,289
2013 264.5 238.2 26.3 4,146
2014 275.0 247.9 27.0 4,068
2015 270.0 247.4 22.6 3,943
2016 271.5 246.2 25.3 3,835
2017 305.7 268.6 37.1 3,726
2018 361.1 318.3 42.8 3,607
2019 388.2 344.2 43.9 3,517
2020 362.0 284.7 77.3 3,435
2021 398.6 306.8 91.8 3,394
Average 312.7 278.5 34.2 4,107.1

Y/Y % Change 10.1% 7.8% 18.8% -1.2%
5-Year CAGR 5.4% 2.7% 19.9% -1.8%
10-Year CAGR 4.5% 3.2% 11.1% -2.3%
% Change Y/Y
Pre-Tax Net
Revenues Expenses Income # Firms
2008 -38.7% -31.4% -4489.8% -2.1%

2009 -4.0% -36.2% -310.0% -3.7%
2010 -8.7% 6.1% -51.4% -3.0%
2011 -6.2% 2.2% -59.2% -2.7%
2012 7.5% 0.1% 125.6% -3.7%
2013 3.0% 5.9% -17.8% -3.3%
2014 4.0% 4.1% 2.6% -1.9%
2015 -1.8% -0.2% -16.4% -3.1%
2016 0.5% -0.5% 12.0% -2.7%
2017 12.6% 9.1% 46.4% -2.8%
2018 18.1% 18.5% 15.4% -3.2%
2019 7.5% 8.1% 2.7% -2.5%
2020 -6.7% -17.3% 75.8% -2.3%
2021 10.1% 7.8% 18.8% -1.2%
Source: FINRA Financial and Operational Combined Uniform Single (FOCUS) Reports

NYSE Member Firms Aggregate Financial Results
$ Millions Percentage
Pre-Tax PT Profit
Revenue Profit Margin ROE
2007 352,048 -11,302 -3.2% -10.4%
2008 178,068 -42,587 -23.9% -37.9%
2009 185,267 58,576 31.6% 40.3%
2010 159,767 25,092 15.7% 15.3%
2011 147,283 7,747 5.3% 5.0%
2012 161,456 23,878 14.8% 14.0%
2013 162,359 16,719 10.3% 9.5%
2014 164,628 15,965 9.7% 9.1%
2015 161,886 14,288 8.8% 8.2%
2016 166,653 17,295 10.4% 10.1%
2017 189,702 24,526 12.9% 13.6%
2018 228,091 27,308 12.0% 15.1%
2019 250,379 28,086 11.2% 13.8%
2020 219,324 50,894 23.2% 22.9%
2021 230,590 58,358 25.3% 24.4%
Average 197,166.7 20,989.5 10.9% 10.2%
Y/Y % Change 5.1% 14.7% 2.1% 1.6%
5-Year CAGR 4.0% 18.9%
10-Year CAGR 3.6% 9.3%
Source: Intercontinental Exchange (ICE), FINRA

NYSE Member Firms Aggregate Total and Equity Capital – Charts
NYSE Reporting Broker-Dealers Total Capital ($B)

400
364
348
350
317
306
286 283 292
300 280 282 281
250
200
150
100
50
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
NYSE Reporting Broker-Dealers Equity Capital ($B)

250 239
223
204
200 181 181
170 176 176 174 172
150
100
50
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: Intercontinental Exchange (ICE), FINRA

NYSE Member Firms Aggregate Total and Equity Capital – Value

Total Equity Total Equity
Capital Capital Capital Capital
2007 250.1 108.7
2008 244.5 112.5 2008 -2.2% 3.5%
2009 256.8 145.4 2009 5.0% 29.3%
2010 280.8 164.3 2010 9.4% 13.0%
2011 267.8 154.8 2011 -4.6% -5.8%
2012 280.1 170.3 2012 4.6% 10.0%
2013 281.5 175.8 2013 0.5% 3.3%
2014 286.2 176.3 2014 1.7% 0.3%
2015 282.6 174.2 2015 -1.3% -1.2%
2016 281.1 172.0 2016 -0.5% -1.3%
2017 292.3 180.7 2017 4.0% 5.1%
2018 306.2 181.4 2018 4.7% 0.4%
2019 317.0 204.2 2019 3.5% 12.6%
2020 347.9 222.6 2020 9.8% 9.0%
2021 363.7 238.9 2021 4.6% 7.3%
Average 289.2 172.1

Y/Y % Change 4.6% 7.3%
5-Year CAGR 4.5% 5.7%
10-Year CAGR 2.6% 3.4%
Sources: Intercontinental Exchange (ICE), SIFMA DataBank

Authors
Authors
SIFMA Research
Katie Kolchin, CFA, Director of Research
Justyna Podziemska
Daniel Hadley
research@sifma.org

CM Fact Book 2022 Sifma

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Introduction

2022 Capital Markets Fact Book

2022 Capital Markets Fact Book Page | 1

2022 Capital Markets Fact Book Page | 2

Global Investment Banking Revenues by Region .................................................................................................................................... 37

US Households Owning Stocks................................................................................................................................................................ 76

2022 Capital Markets Fact Book Page | 4

2022 Capital Markets Fact Book Page | 5

Capital Markets Fuel Economies

Financing of Non-Financial Corporations Debt Financing of Non-Financial Corporations

2022 Capital Markets Fact Book Page | 6

US Capital Markets Are the Largest in the World

Global Equity Market Cap

Canada Australia Singapore

Source: World Federation of Exchanges

Global Bond Market Outstanding

Source: Bank of International Settlements (BIS)

2022 Capital Markets Fact Book Page | 7

2022 Capital Markets Fact Book Page | 8

Savings & Investment

2022 Capital Markets Fact Book Page | 9

Section I: Global Capital Markets

Global Fixed Income Outstanding Global Fixed Income Outstanding

Global Equity Market Cap Global Equity Market Cap

Source: Bank of International Settlements (BIS), World Federation of Exchanges

2022 Capital Markets Fact Book Page | 10

Global Fixed Income Markets Outstanding – Value

Australia Canada China EU HK Japan Singapore UK US DM EM Total

Source: Bank of International Settlements (BIS)

2022 Capital Markets Fact Book Page | 11

Global Fixed Income Markets Outstanding – Share of Total

Source: Bank of International Settlements (BIS)

2022 Capital Markets Fact Book Page | 12

Global Equity Market Capitalization – Value

Source: World Federation of Exchanges

2022 Capital Markets Fact Book Page | 13

Global Equity Market Capitalization – Share of Total

Source: World Federation of Exchanges

2022 Capital Markets Fact Book Page | 14

Global Derivatives Market Outstanding – Notional Principal

$ Billions % Change Y/Y

Average 68,027.9 586,707.0 654,735.0

Source: Bank for International Settlements (BIS)

2022 Capital Markets Fact Book Page | 15

Global Fixed Income and Equity Issuance – Charts

Global Long-Term Fixed Income Issuance ($T)

Global Equity Issuance ($B)

Source: Bloomberg, Refinitiv, Dealogic

2022 Capital Markets Fact Book Page | 16

Global Long-Term Fixed Income Issuance – Value

Source: Bloomberg, Refinitiv

2022 Capital Markets Fact Book Page | 17

Global Equity Issuance – Value

2022 Capital Markets Fact Book Page | 18

International Security Offerings by Non-US Issuers – Value

Straight Convertible Total Common Preferred Total

Average 2,786.2 61.9 2,848.0 333.7 12.0 345.7 3,193.7

Straight Convertible Total Common Preferred Total

2008 -39.5% -40.4% -39.5% -29.2% -50.6% -30.3% -38.5%

2022 Capital Markets Fact Book Page | 19

International Security Offerings by Non-US Issuers – Number of Issues

Straight Convertible Total Common Preferred Total

Average 5,026 248 5,275 2,078 55 2,133 7,408